Raymond James faces two ‘cash sweep’ lawsuits
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St. Petersburg-based Raymond James Financial faces two class-action lawsuits alleging the firm unjustly enriched itself by paying “unreasonably low interest rates” on client cash deposits. Litigation filed in the Middle District of Florida last week claims that Raymond James negotiated unfair transactions that diverted accrued interest to partner banks rather than clients. Those participating in the class action lawsuits demand actual and punitive damages and an injunction against the firm’s current cash sweeps program.