Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against U.S. Bancorp (“U.S. Bancorp” or the “Company”) (NYSE: USB) in the United States Southern District Court of New York on behalf of all persons and entities who purchased or otherwise acquired U.S. Bancorp securities between August 1, 2019 and July 28, 2022, both dates inclusive (the “Class Period”). Investors have until December 27, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
U.S. Bancorp (“Company”) is a Delaware company headquartered in Minneapolis, Minnesota. U.S. Bancorp provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage, and leasing. U.S. Bancorp’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), is engaged in the general banking business, principally in domestic markets. U.S. Bancorp is the publicly traded parent company of U.S. Bank.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (a) 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; (b) since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct and that it was violating relevant regulations and laws aimed at protecting its consumers; (c) 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; (d) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (e) U.S. Bancorp’s revenues were in part the product of unlawful conduct and thus unsustainable; and (f) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 28, 2022, the truth about U.S. Bancorp’s practices was disclosed when 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 for unsuspecting customers.
On this news, the price of U.S. Bancorp stock declined 4% to close at $46.12 on July 28, 2022.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
If you purchased or otherwise acquired U.S. Bancorp shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
