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Morgan Stanley Sued Over Low Interest Rates on Client Cash
News June 24, 2024 at 02:59 PM
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What You Need To Know
- Morgan Stanley pays 0.01% to 0.50% on cash in advisory and brokerage accounts, versus up to 4.7% at Vanguard, according to a lawsuit.
- The firm has failed to act in clients' best interest, the suit alleges.
- Fees paid on the cash to brokers and advisors exceed the interest rate, according to the suit.
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