Defendants Added In Cash Sweep Suit

Law360, New York (June 15, 2007, 12:00 AM EDT) -- The plaintiffs in a putative class action accusing some of the biggest players in the financial services industry of breaching their fiduciary duties by sweeping billions of dollars of their clients’ uninvested money into low-interest bank accounts they owned and controlled have filed an amended complaint with additional defendants.

The plaintiffs filed their second amended complaint in the case on Monday against a slew of brokerage houses and their affiliated banks, including Merrill Lynch & Co., Citibank NA, Morgan Stanley & Co. Inc., Wachovia Corp. and...
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