Did Your Money Earn Less Than It Should Have in a Commonwealth Financial Network Sweep Account?
If you maintained investments with Commonwealth Financial Network and held uninvested cash in a brokerage account between 2021 and 2026, your cash may have been automatically placed into a bank sweep program that paid interest rates significantly below other available cash-management alternatives.
We are investigating whether certain Commonwealth Financial Network clients were placed into cash sweep programs that paid substantially lower interest rates than prevailing market yields while participating financial institutions may have benefited from the difference. Commonwealth operates large brokerage and advisory platforms serving thousands of advisors and hundreds of billions of dollars in client assets.
The Issue
Brokerage firms commonly use cash sweep programs that automatically transfer uninvested cash balances into interest-bearing deposit accounts.
Concerns have been raised that:
- Some bank sweep accounts paid interest rates as low as 0.01% during portions of the relevant period.
- Many money market funds and other cash-management alternatives offered significantly higher yields, particularly as interest rates increased from 2022 through 2025.
- Investors may not have fully understood the differences between sweep accounts and alternative cash options.
- Participating banks may have retained a substantial portion of the earnings generated by customer cash deposits.
This difference is commonly referred to as the interest spread.
Why This Matters
If your cash was held in a Commonwealth Financial Network sweep account between 2021 and 2026:
- You may have earned substantially less interest than was available through other cash-management alternatives.
- Your uninvested cash may have served as a low-cost funding source for participating banks.
- Even modest differences in interest rates can result in significant lost earnings over time.
- Investors with larger cash balances may have missed out on hundreds or thousands of dollars in potential interest income.
- Cash sweep arrangements have faced increasing regulatory and legal scrutiny across the brokerage industry.
Please complete the short survey below. You may be eligible to participate in this investigation and help hold these companies accountable.
Held Investments with Commonwealth Financial Network Between
2021-2026?
You may be entitled to financial compensation for your assistance with this case.
Why Join a Class Action Lawsuit?
A class action lawsuit helps consumers maintain the rights and privileges that are afforded by the laws of their state. A successful case could also put an end to any illegal practices. This is our main goal to ensure that the public isn't subjected to unethical and illegal practices by big companies who think they can get away with it.
Further, some states may allow for the collection of statutory damages – which means that, in a successful case, the consumer may be entitled to an additional award under the law.
Join a Class Action Lawsuit
We are pressing forward quickly with this class action case. Act now to become a part of this case and you may qualify for compensation.
If you do request to join, you can expect to hear back from an attorney for a consultation to determine if you qualify to join the class action lawsuit.
Take Action
Take the free, quick quiz below to see if you may qualify for this case.
Class Action FAQ:
Q1: Will this cost me any money?
A1: No. Attorneys in class action only get paid if they win. And the company we are suing foots our bill.
Q2: What do I gain from signing up for this case?
A2: The goal of this case is to hold companies accountable for their bad behavior, and you can help.
If the case succeeds, judges usually award class representatives $1,000 - $10,000 to those who sign up to be a class representative.
But if you are just doing it for the money, you aren’t the right candidate for us. We are looking for class representatives who are looking for justice, not easy cash.
The information submitted on this page will be forwarded to Milberg LLC who has sponsored this investigation.
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