Best of the week: Schwab hit with lawsuit over cash sweeps

Charles Schwab is the latest major financial services firm to face a lawsuit challenging its approach to cash-sweep accounts, the typically low-yielding accounts into which brokers sometimes put customers’ uninvested cash. The accounts have been reviewed recently. Regulators have raised questions about some firms’ policies, and lawsuits challenging the practice as a breach of fiduciary duty have proliferated. Like many of the other lawsuits, the plaintiffs suing Schwab are seeking class-action status, arguing that the company’s interest rates on checking accounts are “unreasonably low.” Schwab calls the lawsuit “legal…