Class Action
Apr. 20, 2026
Nationwide class debated in Wells Fargo cash sweep case
A federal judge signaled skepticism but left open nationwide class certification in litigation alleging Wells Fargo steered clients into low-interest cash sweep accounts, raising statute of limitations and individualized adviser issues.
The plaintiffs in a proposed class action against Wells Fargo argued that U.S. District Judge Vince Chhabria had a simple decision to make. They said he should certify a nationwide class based on their claim that Wells Fargo breached duties owed to clients by automatically enrolling them in a program that swept uninvested cash into a low-interest account.
Chhabria didn't quite see it that way.
"Oh, it's a difficult class certification issue," the judge s...
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