Ameriprise Financial has been sued for itscash sweep deposit rates.The suit filed in the U.S. District Court for the District of Minnesota on Monday, alleging Ameriprise continues to use its customers’ cash balances is “extremely lucrative” for the firm and “extremely detrimental to their clients,” accusing the firm of violating its fiduciary and contractual duties to its clients as well as the SEC Best Interest. regulation.

Wells Fargo‘s sweep has come under an SEC’s investigation. l.

Wells Fargo offers a sweep feature with three options for clients to earn a return on uninvested cash balances in their accounts, according to information listed on the bank’s website.

The cash sweep options include a standard bank deposit sweep, expanded bank deposit sweep and a money market fund sweep. Eligibility is based on the type of investment account and nature of account ownership, according to the bank.

Jeff Newman represents whistleblowers nationwide relating to Medicare and Medicaid fraud, under the state and federal False Claims Act (Qui Tam) laws. He also represents whistleblowers in major claims under the SEC, CFTC and FINCEN whistleblower programs and can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217