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Case Updates

On February 1, 2024 Plaintiffs Sergey Burmin and Kenneth W. Luke filed a class action complaint against E*TRADE Securities LLC (“E*TRADE”) and Morgan Stanley Smith Barney LLC (“MSSB”) (together, “Defendants”), in Federal District Court for the District of New Jersey.  Plaintiffs Burmin and Luke seek to represent a nationwide Class of persons who maintained retirement accounts with E*TRADE, alleging a breach of contract due to the failure to pay a reasonable rate of interest on cash assets. Defendants failed to adhere to contractual obligations to pay a “reasonable” rate of interest on customers’ retirement cash and defaulted retirement customers into low yielding “sweep accounts,” which from 2018 onwards maintained unreasonably low interest rates. 
 
The complaint, among other things, seeks damages on behalf of retirement customers resulting from Defendants’ failure to pay them a reasonable rate of interest and an injunction barring Defendants from continuing to pay an unreasonable rate of interest on retirement sweep accounts.
 

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