US judge allows lawsuit against JPMorgan over low interest rates on sweep accounts
A federal judge ruled that JPMorgan must face claims it paid near-zero interest on cash sweep accounts. Customers allege the bank siphoned billions in income.
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A federal judge in the US 
US ruled on Friday that JPMorgan Chase & Co. must face part of a proposed class action lawsuit alleging that its Cash Sweep programs paid near-zero interest on the idle cash of its customers. U.S. District Judge Lorna Schofield, presiding in the U.S. District Court in Manhattan, determined that claims asserting the bank breached its deposit and individual retirement account agreements are sufficient to proceed. The decision marks a significant development for the proposed class of JPMorgan customers, which covers individuals dating back to August 24, 2018.
US ruled on Friday that JPMorgan Chase & Co. must face part of a proposed class action lawsuit alleging that its Cash Sweep programs paid near-zero interest on the idle cash of its customers. U.S. District Judge Lorna Schofield, presiding in the U.S. District Court in Manhattan, determined that claims asserting the bank breached its deposit and individual retirement account agreements are sufficient to proceed. The decision marks a significant development for the proposed class of JPMorgan customers, which covers individuals dating back to August 24, 2018.
