It is alleged that PNC Financial Services Group and its subsidiary, PNC Investments, breached their fiduciary duties and contractual obligations by underpaying interest on sweep accounts. PNC Priority Bank Deposit Sweep Program allegedly diverted significant amounts of interest from customers to the bank itself, using accounts that paid minimal returns to retirement investors.

It is further alleged:

  • Breach of Fiduciary Duty: PNC is accused of failing to act in the best interests of its customers by sweeping uninvested cash into accounts that paid substantially lower interest than comparable programs.
  • Breach of Contract: The bank allegedly did not honor its contractual obligations to secure a fair rate of return for its customers.
  • Breach of the Implied Covenant of Good Faith and Fair Dealing: PNC allegedly failed to act in good faith when negotiating the rates for the sweep accounts.
  • Unjust Enrichment: PNC reportedly profited unfairly at the expense of its customers by benefiting from the difference between the low interest paid and the higher returns it could have achieved with other banks.

What You Can Do
If you or someone you know has been impacted by PNC’s sweep program and suffered financial losses due to these practices, it is crucial to take action.

  • Affected parties: Customers who held cash in PNC-managed brokerage accounts that were subject to the sweep program are encouraged to contact us.

For those interested in pursuing claims or learning more about the case, please reach out to our office. We are committed to ensuring financial institutions uphold their fiduciary responsibilities and offer fair compensation to impacted clients.

Experience Matters

Sauder Schelkopf has a nationally recognized litigation practice. The firm currently serves as court-appointed lead counsel in courts across the country.  The attorneys at Sauder Schelkopf have recovered over $1 billion on behalf of their clients and class members. Our firm was recognized by the Legal Intelligencer’s 2022 Professional Excellence Awards. The Legal Intelligencer’s Professional Excellence Awards honor Pennsylvania law firms and attorneys who have made a significant, positive impact on the legal profession. Our firm was named in the Litigation Departments of the Year (Specialty Area category; runner-up), an award that honors the best litigation practice in a small or mid-sized firm in Pennsylvania. This recognition was based on the firm’s 2021 litigation work and its important ongoing cases. LawDragon has recognized our attorneys in its list of the “500 Leading Plaintiff Consumer Lawyers” for 2022.  This list notes: “From the opioid epidemic to toxic substances and defective products, truck accidents to wildfires and sexual abuse, these are the lawyers who stand on the front line in individual lawsuits and class actions seeking justice.” Mr. Schelkopf was named to Pennsylvania’s Best Lawyers® 2022 for Class Actions/Mass Tort Litigation. The American Lawyer named Mr. Sauder to its 2021 Northeast Trailblazers. The honor recognizes 60 lawyers who are “truly agents of change.” It “recognizes professionals in the Northeast who have moved the needle in the legal industry.” The Legal Intelligencer named Mr. Sauder and Mr. Schelkopf in its 2020 Pennsylvania Trailblazers list recognizing 31 lawyers who “have taken extra measures to contribute to positive outcomes . . . and who are truly agents of change.” The Legal highlighted the firm’s innovative work on advocacy as class counsel in large institutional sex abuse cover-ups, women’s, and children’s rights. Our attorneys have also consistently been recognized by their peers being named to Pennsylvania SuperLawyer, a distinction held by the top 5% of attorneys in Pennsylvania.  The National Trial Lawyers Association has also selected our attorneys as the Top 100 Trial Lawyers in Pennsylvania.

We Want to Hear from You

If you or someone you know has been impacted by PNC’s sweep program and suffered financial losses due to these practices, you can contact the attorneys at Sauder Schelkopf by filling out the form on this page.