Merrill Lynch Retirement Account Lawsuit: Is It A Legit Class Action?
Did you hear about the Merrill Lynch Retirement Account Lawsuit? It’s not a scam.
Margaret McCrary isn’t holding back. She filed a class action lawsuit against Merrill Lynch. Why, you ask? Well, she’s claiming Merrill Lynch is playing the low-interest game with retirement account holders, and that’s a big no-no according to the Federal Reserve’s rules.
Who Is Behind The Merrill Lynch Retirement Account Lawsuit
Merrill Lynch is in trouble because they’re allegedly handing out super low-interest rates to retirement account holders, and that’s a big no-no as per the Federal Reserve’s rules. Margaret McCrary isn’t having it, and she filed a class action lawsuit about it on December 11 in a New York federal court.
Now, Margaret’s got a story—she opened a Traditional IRA at Merrill Edge, moving some cash from a 401(k) account back in 2020.
How Much Is The Settlement
There is no settlement amount for now.
Merrill Lynch, according to Margaret McCrary’s class action lawsuit: They didn’t play fair when it came to interest rates. Instead of dishing out different rates like they should, they allegedly stuck to the same rates for both retirement accounts and non-retirement sweep accounts.
Conclusion
In conclusion, Margaret McCrary v. Merrill Lynch Pierce Fenner & Smith Inc., Case No. 1:23-cv-10768, is not a scam, Just like Sovereign Lending Group Settlement, However, Margaret’s saying Merrill Lynch went all out to rake in the profits. She claims they set sweep rates in a way that’s not really fair market value.
