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Wells Fargo, Merrill to Pay $60M Over Cash Sweeps
News January 17, 2025 at 10:55 AM
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What You Need To Know
- Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option.
- The firms failed to consider the best interests of clients, the SEC said.
- As interest rates rose, the spread between the BDSPs and other cash sweep options grew to almost 4%, according to the agency.
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