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Cases & Investigations
Valelly v. Merrill Lynch, Pierce, Fenner & Smith, Inc. - Sweep Accounts Consumer Litigation

Overview
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Type: Current Cases

Case Number: 1:19-cv-07998-VEC

Class Period: December 15, 2016 – March 15, 2020

Defendant(s): Merrill Lynch, Pierce, Fenner & Smith, Inc.

Court: United States District Court for the Southern District of New York

Settlement Website: https://www.mlretirementaccountlitigation.com/

This action alleges that Merrill Lynch, Pierce, Fenner & Smith Inc. breached its contractual obligation to pay a “reasonable” rate of interest on cash held in self-directed online retirement accounts.  From 2016 to 2020, Merrill defaulted customers into low yielding “sweep accounts” at its affiliate, Bank of America, N.A., which paid an approximate 0.14% yield on cash balances, far below the federal funds rate, which exceeded 2.40%, and the rates of similar products. The lawsuit seeks damages on behalf of retirement brokerage customers. 
 
The case is Sarah Valelly v. Merrill Lynch, Pierce, Fenner & Smith Inc., Case No. 1:19-cv-07998-VEC (S.D.N.Y.), pending before United States District Judge Valerie E. Caproni.

Contact Instructions
Phone: Robert C. Finkel - (212) 451-9620
Phone: Adam Blander - (212) 451-9667
Email: Outreach@wolfpopper.com
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Related Attorneys

  1. Emer Burke
  2. Robert C. Finkel
  3. Adam J. Blander

Related Practice Areas

  1. Commercial Litigation & Arbitration
  2. Consumer Litigation & Consumer Fraud Class Actions

Documents & Links

  1. Merrill Lynch Class Notice Website

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