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Schwab Used Cash Sweep Funds in TD Ameritrade Deal: Lawsuit
August 30, 2024 at 12:59 PM
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What You Need To Know
- Schwab took for itself and its affiliates the vast majority of the compensation earned from its customers' cash, the suit states.
- The firm struck a deal to direct at least $50 billion to TD Bank through 2031, customers allege.
- The suit argues that Schwab violated its fiduciary duty to its cash-sweep customers.
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