(Reuters) - NEW YORK, June 15 - Wachovia Corp. , which agreed last month to buy A.G. Edwards Inc. for $6.8 billion, has been added to a federal lawsuit accusing large U.S. brokerages of moving customers' idle cash into low-yielding accounts to boost profits.
The lawsuit, which seeks class-action status, says Wachovia, Citigroup Inc. , Merrill Lynch & Co. , Morgan Stanley and Charles Schwab Corp. automatically sweep cash into bank accounts that pay low rates, rather than money market or savings accounts yielding 4 percent to 5 percent.
Read more at Reuters.com Mergers News
The lawsuit, which seeks class-action status, says Wachovia, Citigroup Inc. , Merrill Lynch & Co. , Morgan Stanley and Charles Schwab Corp. automatically sweep cash into bank accounts that pay low rates, rather than money market or savings accounts yielding 4 percent to 5 percent.
Read more at Reuters.com Mergers News
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