Commonwealth Financial hit with class-action lawsuit over cash sweeps

By Melanie Waddell

News June 26, 2026 at 08:16 AM

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What You Need To Know

Commonwealth's sweep programs paid interest rates as low as 0.01% while the federal funds rate exceeded 3.6%, a suit states.
The firm prioritized itself over customers by taking the vast majority of the interest earned, according to the plaintiff.
Several other big firms have faced cash-sweep litigation since the Fed started raising interest rates in 2022.

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