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Charles Schwab Cash Sweep Program Class Action

Last verified October 6, 2026Source: courtlistener-litigationHow ClaimWatch verifies cases

Still being litigated: the claims below are allegations, not findings, and there is no settlement, claim form or payout yet.

Where this case stands

In litigation

The case has been filed and is being fought in court. There is no settlement, no claim form and no payout yet; many class actions are dismissed or never certified.

Pending in the District Court, C.D. California (No. 2:24-cv-08410).

  1. September 30, 2024
    Case filed

What happened

A proposed class action against The Charles Schwab Corporation, apparently concerning the company's cash sweep programs. The lawsuit appears to allege that Schwab breached its contracts with customers in connection with how cash balances were swept into interest-bearing accounts. These are allegations in a newly filed case, not proven facts and not yet a settlement.

Do you qualify?

No settlement exists yet, so there is nothing to file and no class definition to check. If the case settles, the settlement will define exactly who qualifies — watch this case and we'll let you know.

How to file

There is no claim to file yet. If this case reaches a settlement, a claim process will open — usually with an official settlement website and a filing deadline.

Common questions

Can I file a claim in the Charles Schwab Cash Sweep Program Class Action case?
No. The case is still being litigated — there is no settlement, no claim form, and no payout. It was filed September 30, 2024 in the District Court, C.D. California (No. 2:24-cv-08410).What a class action lawsuit is →
Who are the attorneys in the Charles Schwab Cash Sweep Program Class Action?
For the plaintiffs: Salvatore J Graziano (Bernstein Litowitz Berger and Grossmann LLP); Robert J Jackson , Jr. (Buzin Law PC); Michael D Blatchley (Bernstein Litowitz Berger and Grossmann LLP); John Rizio-Hamilton (Bernstein Litowitz Berger and Grossmann LLP). From the public court docket.

Who's involved

Plaintiffs

  • Terrance TJ McDonald
  • Michael Davis

Defendants

  • Charles Schwab and Co., Inc.
  • The Charles Schwab Corporation

Counsel for plaintiffs

Other cases these firms appear in

From the public court docket, contact details as filed; not an endorsement.

Guides:What is a class action lawsuit?How class membership worksYour options as a class member

Summarised from public settlement documents; confirm terms on the official settlement website. ClaimWatch is not a law firm, and filing a claim is free.

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