Settlement Reached
Settlement Reached
Merrill Cash Sweep Interest Rate Class Action Settlement
Merrill Lynch · Merrill Edge online brokerage accounts and cash sweep programs
The class action alleges that Merrill Lynch paid holders of Merrill Edge online accounts between December 15, 2016, and March 15, 2020, interest rates of 0.05% to 0.14% on cash in retirement accounts instead of market rates. A preliminary $39 million settlement was filed in Manhattan federal court and requires approval by U.S. District Judge Valerie Caproni; Merrill Lynch denied wrongdoing.
Case updates and reports
Settlement informationLast updated at
How to participate
Settlement Claim
All persons who had one or more Merrill Edge retirement accounts with cash balances that were swept pursuant to the Retirement Asset Savings Program (RASP) at any time during the period December 15, 2016 through March 15, 2020.
- Type
- Settlement Claim
- Claim status
- Upcoming
- Total settlement amount
- $39,000,000
- Payout
- On September 30, 2026, the certified class filed an unopposed motion for preliminary approval of a $39,000,000 settlement resolving claims that Merrill Lynch breached customer agreements by sweeping uninvested cash in retirement accounts into low-yielding deposit accounts paying 0.05% to 0.14% interest; specific payout amounts and distribution formulas remain subject to court approval and final administration.
Sources and links
Official settlement informationSettlement · Settlement Claim
Merrill Cash Sweep Interest Rate Class Action SettlementInvestmentNews · Published