LPL Discloses SEC Inquiry Into Its Cash Sweep Practices

By MarketWatch | Nov 5, 2024 at 02:21 PM EST

$LPL Discloses SEC Inquiry Into Its Cash Sweep Practices$

The SEC is investigating LPL Financial for low interest rates on uninvested client cash swept into bank accounts. Retail investors are suing for breach of fiduciary duty. This issue is affecting other banks and brokerages too.

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