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Class Action

Apr. 28, 2025

Wells Fargo seeks dismissal of putative class action over 'idle cash" sweep policy

Wells Fargo's website claims that the Bank Deposit Sweep Program at issue in the case allows the bank's advisers to automatically sweep customers' idle cash in investment accounts into interest-bearing accounts, such as money market funds.

Wells Fargo seeks dismissal of putative class action over 'idle cash" sweep policy
U.S. District Judge Vince Chhabria

Attorneys for Wells Fargo asked a federal judge in San Francisco to dismiss a consolidated putative class action accusing Wells Fargo Inc. of committing fiduciary violations by allegedly moving cash from customer accounts to high interest, bank-controlled accounts and underpaying clients their full interest earnings .

Wells Fargo's legal team from White & Case LLP filed the motion with U.S. District Judge Vince Chhabria on April 24, arguing that the plaintiffs' claims...

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