Three investors are suing Charles Schwab for alleged breach of fiduciary duty, alleging the firm designed its cash-sweep program to provide itself with “excessive” benefits at the expense of clients.
The lawsuit was filed last week in a federal court in Los Angeles by Mary Loughran, Rosemary Orlando and Edward Carr. The plaintiffs are seeking class-action status on behalf of themselves and other Schwab clients.
The…
- Advertisement -
