Merrill Edge Retirement Account Cash Sweep Settlement
By the Class Action Buddy Editorial Team · Last reviewed November 6, 2026
There is no claim form in this one, and there is still something most people need to do.
If you closed your Merrill Edge retirement account, Merrill has nowhere to put your money. The settlement handles that by sending a check, and the administrator is openly pushing people toward the alternative: submit an Electronic Payment Request and take a transfer instead. The deadline for choosing that is March 26, 2027. If you still hold the account, the payment simply lands in it and you can ignore all of this.
The eligibility line is narrower than the headlines suggest, and this is where people will get it wrong. It has to have been a Merrill Edge Self-Directed Investing retirement account, meaning a traditional, Roth, Rollover, Inherited, SEP or SIMPLE IRA. A Merrill Edge account that was not a retirement account does not count. Neither does a retirement account held somewhere other than Merrill Edge Self-Directed Investing.
Also note the floor. Payments work out pro rata from the interest you would have earned had the sweep paid a reasonable rate, and anything under $10 will not be issued at all.
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Who Is Eligible?
You may be eligible to file a claim if you:
- You held one or more Merrill Edge retirement accounts with cash balances swept under the Retirement Asset Savings Program (RASP) at any time between December 15, 2016 and March 15, 2020.
- It must have been a Merrill Edge Self-Directed Investing retirement account — a traditional IRA, Roth IRA, Rollover IRA, Inherited IRA, SEP IRA or SIMPLE IRA.
- A Merrill Edge account that was not a retirement account does not count. Nor does a retirement account that was not offered by Merrill Edge Self-Directed Investing. This is the line most people will get wrong.
- The allegation is that Merrill failed to pay a reasonable rate of interest on cash automatically swept into deposit accounts at Merrill-affiliated banks.
How Much Can You Get?
$39,000,000 into a Settlement Fund, which pays administration and notice costs, court-awarded attorneys’ fees and litigation expenses, any service award, and then pro rata cash payments to the class.
Your share tracks your own foregone interest — approximately what you would have earned had RASP paid a reasonable rate on your swept cash. Someone who held a large cash balance for the whole period is owed considerably more than someone who held a little for a month.
Payments under $10 will not be issued. Given the cost of issuing them, small shares are simply not paid, so a briefly-held modest balance may come to nothing.
Where the money goes. If you still hold the account, the payment is made directly into it. If you closed it, you get a check or an electronic transfer.
How to File Your Claim
File with the administrator:
- There is no claim form. Eligible class members are paid without filing anything.
- If you no longer hold the account, act by March 26, 2027. The administrator strongly encourages closed-account class members to submit an Electronic Payment Request at mlretirementaccountlitigation.com and take a transfer rather than wait on a check. That date is the only thing in this settlement that can cost you something.
- Notice goes out by December 4, 2026 under the preliminary approval order of October 7, 2026, so if nothing has arrived yet, that is why.
- Opting out or objecting closes February 19, 2027. Exclusion must be a signed letter by mail, and a request covering more than one class member is invalid.
- Settlement hearing is March 12, 2027 at 10:00 a.m. Eastern. Attendance is not required.
- Help: JND Legal Administration on 1-833-207-0938 or info@MLRetirementAccountLitigation.com.
- The case is Sarah Valelly v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Case No. 1:19-cv-07998-VEC.
File this one with the administrator
Class Action Buddy does not file this settlement for you — use the official claim process above. What the app does do is watch the open settlements list and tell you when a new one matches your profile.
Frequently Asked Questions
What is the deadline to file a claim for the Merrill Edge Retirement Account Cash Sweep Settlement?
The current deadline to file a claim is Mar 26, 2027. Claims sent by mail must be postmarked by this date, so allow about a week for delivery if you are not filing online.
Do I need proof of purchase for the Merrill Edge Retirement Account Cash Sweep Settlement?
No proof of purchase is required — you can typically file based on a sworn statement, without receipts, photos, or product packaging. You also do not need a Claimant ID or PIN to file.
How do I file a claim for the Merrill Edge Retirement Account Cash Sweep Settlement?
File directly with the settlement administrator, using the official claim form linked on this page. Class Action Buddy does not support this settlement in the app, so the administrator’s own claim process is the route. You do not need a Claimant ID or PIN to file.
If it is automatic, is there anything for me to do?
Only if you have closed the account. Then Merrill has nowhere to deposit the money, and the administrator asks you to submit an Electronic Payment Request by March 26, 2027 so it can be transferred rather than mailed. If you still hold the Merrill Edge retirement account, the payment lands in it and you can ignore the whole thing.
I had a Merrill Edge brokerage account, not an IRA.
Then you are outside the class. The settlement is limited to Merrill Edge Self-Directed Investing retirement accounts whose cash was swept under RASP. A non-retirement Merrill Edge account does not qualify, however much cash it held.
How much will I get?
It is pro rata against the interest you would have earned had the sweep paid a reasonable rate, so it depends entirely on your own cash balances across December 2016 to March 2020. There is no flat figure, and shares working out below $10 are not issued at all.
Primary source: official settlement administrator — mlretirementaccountlitigation.com. The settlement details on this page were checked against the administrator’s official website.
Class Action Buddy is an independent directory and is not affiliated with, endorsed by, or sponsored by the settlement administrator or the court. This page is general information, not legal advice. See how we verify settlements.
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