Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million, while LPL Financial agreed to pay ...

Two Wells Fargo-affiliated investment advisers and Merrill Lynch agreed to pay $60 million ... policies and programs related to their cash sweep programs. The SEC, on the same day, issued an ...

Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and ...

The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.

Brokerage firms may seek to sweep cash into affiliated banks, often paying low interest rates. According to some reports, brokers could make 10 times more than their customers do on their cash.

Merrill Lynch and two units of Wells Fargo ... to consider the best interest of clients when designing automatic cash sweep programs that paid low interest rates to customers.

Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were ...

In 2025, the SEC fined Wells Fargo Advisors and Merrill Lynch $60 million for failing to consider their client's best interests when choosing cash sweep program options. According to a Bloomberg ...

Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S.