Investigation into Unfair Cash Sweep Practices
Sauder Schelkopf is actively investigating claims on behalf of individuals impacted by financial institutions’ unfair cash sweep practices. Many financial service providers underpay interest on cash sweep programs, while retaining substantial profits from the spread between the interest rates they earn and what they pass on to clients.
These practices may violate fiduciary duties, federal laws, and industry regulations, particularly when financial institutions prioritize their own financial gain over the best interests of their clients.
If you have an investment or brokerage account where your uninvested cash was automatically swept into a low-interest deposit program, you may have been affected.
Take Action
If you believe you were underpaid on your cash sweep deposits, contact Sauder Schelkopf for a free and confidential consultation to discuss your potential legal options.
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 believe you were underpaid on your cash sweep deposits, contact Sauder Schelkopf for a free and confidential consultation to discuss your potential legal options.