U.S. Bancorp is a Delaware company headquartered in Minneapolis, Minnesota. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. U.S. Bancorp’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), is engaged in the general banking business. U.S. Bancorp is the publicly traded parent company of U.S. Bank.
U.S. Bancorp’s stock was trading at $48.12 on July 28, 2022, but after the Consumer Financial Protection Bureau (“CFPB”) issued a Consent Order and fined U.S. Bank $37.5 million for illegally exploiting consumers’ personal data to open sham accounts, the price of U.S. Bancorp stock declined 4% to close at $46.12, on July 28, 2022.
The Complaint alleges that U.S. Bancorp made false and misleading statements to the public throughout the Class Period regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and misleading statements and/or failed to disclose that:
- U.S. Bank created sales pressure on its employees that led them to open credit cards, lines of credit, and deposit accounts without consumers’ knowledge and consent;
- since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct that it was violating relevant regulations and laws aimed at protecting its consumers;
- U.S. Bancorp failed to properly monitor its employees from engaging in such unlawful conduct, detect and stop the misconduct, and identify and remediate harmed consumers;
- all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation;
- U.S. Bancorp’s revenues were in part the product of unlawful conduct and thus unsustainable; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than December 26, 2022. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you have suffered a net loss from investment in U.S. Bancorp’s securities from August 1, 2019 and July 28, 2022, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Alesandra Greco at email@example.com or Andrea Farah at firstname.lastname@example.org or by calling 914-733-7256. The class action is titled The Buhrke Family Revocable Trust v. U.S. Bancorp et al., No. 1:2022-cv-09174 (S.D.N.Y.)