U.S. Bancorp Class Action Lawsuit (USB Lawsuit)
What Is The U.S. Bancorp Lawsuit About?
The U.S. Bancorp Class Action Lawsuit (NYSE:USB) (U.S. Bancorp Class Action Lawsuit) was filed when after the market closed on 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.
Is There A U.S. Bancorp Class Action Lawsuit?
USB:NYSE Class Action Lawsuit (U.S. Bancorp) was filed on October 26, 2022 on behalf of the shareholders. The CFPB fined U.S. Bancorp $37.5 million and ordered the Company submit a compliance plan design to ensure the Company’s relevant conduct complies with all applicable federal consumer financial laws and the terms of the Order. On this news, the price of U.S. Bancorp stock declined $2.00, or 4% and closed at $46.12 on July 28, 2022.
Is There A Deadline For The USB Lawsuit?
How Much Did Shareholders Lose In USB Stock?
Shareholders who held U.S. Bancorp securities saw stock declined $2.00, or 4% and closed at $46.12 on July 28, 2022.
What Is The U.S. Bancorp Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a USB class action lawsuit (U.S. Bancorp Class Action Lawsuit) has been filed on behalf of investors who purchased U.S. Bancorp Class Action Lawsuit (USB) securities between August 1, 2019 – July 28, 2022, inclusive. For more on the USB Lawsuit please contact us today.
According to the U.S. Bancorp lawsuit, throughout the Class Period 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.
If you suffered a loss in USB, you have until December 27, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired USB securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The USB class-action lawsuit is directed by the lead plaintiff. To litigate the U.S. Bancorp Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the USB Class Action Lawsuit.
What Does USB Do?
U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities and other financial institutions in the United States.
It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.
The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.
It also provides ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers; and a range of asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations.
In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant processing services, as well as investment management, ATM processing, mortgage banking, insurance, and brokerage and leasing services.
As of December 31, 2021, the company provided its products and services through a network of 2,230 banking offices principally operating in the Midwest and West regions of the United States, as well as through on-line services, over mobile devices, and other distribution channels; and operated a network of 4,059 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.
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