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NEW YORK–(BUSINESS DATE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed against US Bancorp (“US Bancorp” or the “Company”) (NYSE: USB) in the United States Southern District Court of New York on behalf of all persons and entities that purchased or otherwise acquired US 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 the main plaintiff in the lawsuit.
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US Bancorp (“Company”) is a Delaware company headquartered in Minneapolis, Minnesota. US Bancorp provides a full range of financial services, including lending and deposit 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. US Bancorp’s banking subsidiary, US Bank National Association (“US Bank”), is engaged in the general banking business, primarily in domestic markets. US Bancorp is the publicly traded parent company of US Bank.
During 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) US 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, US Bank and by extension, US Bancorp, has been aware of such unauthorized conduct and that it has violated relevant regulations and laws intended to protect its consumers; (c) US Bancorp failed to properly supervise its employees from engaging in such illegal conduct, detect and stop the misconduct, and identify and remedy harmed consumers; (d) all previously subjected the Company to a foreseeable risk of increased regulatory scrutiny or investigation; (e) US Bancorp’s earnings were in part the product of illegal 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 US Bancorp’s practices was revealed when the Consumer Financial Protection Bureau (“CFPB”) issued a Consent Order and fined US Bank $37.5 million for illegally exploiting consumers’ personal data to open fake accounts for unsuspecting customers.
On this news, US Bancorp’s stock price fell 4% to close at $46.12 on July 28, 2022.
As a result of Defendants’ wrongful acts and omissions, and the sudden 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 US Bancorp stock and suffered a loss, are a long-time shareholder, have information, would like to learn more about these claims, or have questions about 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, by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
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