Youngberg v. Bank of America N.T. & S.A., Case No. BC105027 (Superior Court of California, Los Angeles County)

This class action was commenced on behalf of beneficiaries whose trust accounts were managed by Bank of America and its predecessor, Security Pacific National Bank, who were injured as a result of the imposition of unreasonable and excessive sweep fees during the relevant time period.After extensive discovery, and after a class of trust beneficiaries was certified by the Court at a class certification hearing, a settlement was reached with respect to the sweep fees at issue, which was approved by the Court.