Stifel Hit With Class Action Suit Over Cash Sweeps

News March 20, 2025 at 02:02 PM
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What You Need To Know

  • The filing seeks to recover alleged damages related to Stifel’s Automatic Cash Investment Service.
  • In 2023, the firm's banking unit earned an average of 6.08% on deposits and paid clients as little as 0.01%, the complaint states.
  • Stifel reported in its 2024 Form 10-K that bank deposits represent its "largest funding source."
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