JP Morgan Chase & Co. (NYSE:JPM) reportedly faces a new lawsuit accusing the bank of transferring customers’ idle cash into accounts with “unreasonably” low interest rates.
Illinois resident Dan Bodea filed class action against JPMorgan on Friday in Manhattan federal court, reported Reuters.
Bodea accused JPMorgan of using its cash sweep program to shortchange customers while posing as their fiduciary and benefiting disproportionately.
Bodea did not disclose JPMorgan’s interest rates on uninvested cash or how ...
