Bank of America
Merrill sweep accounts
Bank of America Merrill Sweep Account Interest Class Action
Settlement Reached
Bank of America’s Merrill unit agreed to pay $39 million to settle a class-action lawsuit alleging that the company underpaid interest on certain customers’ cash held in sweep accounts. The matter has reached a settlement.
Case updates and reports
Last updated at
How to participate
Settlement Claim
All persons who held 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
- Bank of America's Merrill Lynch unit agreed to pay $39 million to settle class-action claims alleging that customer cash balances in Merrill Edge self-directed retirement accounts were swept into low-yielding deposit accounts paying minimal interest rather than a reasonable rate.
Sources and links
- Bank of America Merrill Sweep Account Interest Class ActionMorningstar · Published