On July 16, 2026, Wolf Popper LLP and its co-lead interim counsel filed a Consolidated Amended Complaint on behalf of E*TRADE brokerage customers challenging the interest rates paid on their swept cash. The filing follows the Court’s June 16, 2026 appointment of Wolf Popper as Co-Lead Interim Class Counsel.
The Consolidated Amended Complaint is on behalf of E*TRADE retirement, non-retirement, and investment advisory accountholders whose cash was defaulted into E*TRADE’s cash sweep programs, including the Retirement Sweep Deposit Account (“RSDA”) Program, the Extended Sweep Deposit Account (“ESDA”) Program, and Morgan Stanley’s Bank Deposit Program (“BDP”). The Complaint alleges that E*TRADE’s default “sweep accounts” greatly and improperly benefit E*TRADE and its affiliates, who monetize this stable source of cash to fund their businesses, while greatly harming E*TRADE customers, who are paid unreasonably low interest rates in exchange, including rates as low as 0.01%, notwithstanding that market rates are hundreds of times higher.
The Consolidated Complaint seeks damages and other relief on behalf of E*TRADE customers nationwide.