The Class: Robbins LLP reminds investors that a shareholder filed a class action on behalf of all purchasers of U.S. Bancorp (NYSE: USB) securities between August 1, 2019 and July 28, 2022, for violations of the Securities Exchange Act of 1934.
What Now: Similarly situated shareholders may be eligible to participate in the class action against U.S. Bancorp. Shareholders who want to be appointed lead plaintiff for the class must file their papers by December 27, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: U.S. Bancorp (USB) fined $37.5 Million for Illegally Exploiting Consumers’ Personal Data to Open Sham Accounts for Unsuspecting Customers
According to the complaint, during the class period, defendants 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; and (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. The foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation.
On July 28, 2022, the truth about U.S. Bancorp’s practices was disclosed when the Consumer Financial Protection Bureau 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.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against U.S. Bancorp settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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