JPMorgan Chase faces a class-action lawsuit accusing it of shortchanging customers through its cash sweep program.

JPMorgan Chase faces a class-action lawsuit in Manhattan federal court, accusing the bank of moving customers' idle cash into low-interest rate accounts through its cash sweep program. Illinois resident Dan Bodea filed the lawsuit, claiming it shortchanged customers while gaining outsized benefits for JPMorgan. This comes after similar lawsuits against other banks and brokerages, with Morgan Stanley and Wells Fargo confirming SEC investigations into their cash sweep practices.