A proposed class action was filed on behalf of a group of investors against the robo-advisor Charles Schwab Investment Advisory, a subsidiary of Charles Schwab Corp. The lawsuit alleges that the subsidiary made cash sweeps to Schwab which caused investors to lose out on portfolio growth. The complaint states these practices go back to 2015 and further alleges that Schwab derives a large percentage of their revenue from net interest margin on cash sweeps into Charles Schwab Bank. The cases was filed in the U.S. District Court in Northern California.

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