NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) -- DiCello Levitt LLP is investigating whether Kestra Financial and Cetera Financial Group violated the law and their duties to act in the best interest of their clients by paying unreasonably low rates of interest on their account holders’ uninvested cash.
Kestra’s and Cetera’s cash sweep programs may be structured to enrich themselves at the expense of their own clients. Bloomberg reports that Robert Jackson, a former U.S. Securities and Exchange Commission (“SEC”) commissioner, described this issue as a “trillion-dollar conflict of interest” affecting retail investors across the United States. The SEC has already fined several financial institutions for failing to pay their customers fair rates on cash sweeps, including Wells Fargo and Merrill Lynch.
Our firm has already filed actions against Osaic and J.P. Morgan for their wrongful cash sweep practices.
If you have or had an account with Kestra or Cetera, you are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt attorneys Steve Jodlowski, Alexander Barnett, or Jarett Sena, calling (888) 287-9005, or emailing investors@dicellolevitt.com.
Until you file a case or a class of which you are a member is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
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