NEW YORK–(BUSINESS THREAD)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces the filing of a class action lawsuit against United States of America (NYSE: USB). Southern District Court of New York on behalf of all persons and entities that purchased or otherwise acquired securities of US Bancorp between August 1, 2019 and July 28, 2022, inclusive (the “Class Period”). The investors have until December 27, 2022 to appoint the main plaintiff in the case to the Court.
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US Bancorp (the “Company”) is a Delaware corporation headquartered in Minneapolis, Minnesota. US Bancorp offers 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 parent company of US Bank.
Throughout the Class Period, Defendants made false and misleading statements about the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (a) US Bank created sales pressure from its employees that led to the opening of credit cards, lines of credit and deposit accounts with consumers’ knowledge and without permission ; (b) since at least 2015, US Bank and, by extension, US Bancorp, had knowledge of such unauthorized conduct and were violating applicable laws and regulations intended to protect its consumers; (c) US Bancorp failed to adequately monitor its employees for such illegal conduct, to detect and stop the misconduct, and to identify and remediate affected consumers; (d) All of the foregoing anticipated the Company’s risk of increased regulatory scrutiny or investigation; (e) US Bancorp’s income was in part the product of illegal conduct and was therefore unsustainable; and (f) as a result, the Company’s public statements were materially false and misleading at all times.
On July 28, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued a Consent Order and fined US Bank $37.5 million in truth about US Bancorp’s practices for illegally exploiting consumers’ personal data to open fake accounts for unsuspecting customers.
On this news, US Bancorp stock price fell 4% to close at $46.12 on July 28, 2022.
As a result of the defendants’ wrongful acts and omissions, and the dramatic decline in the market value of the Company’s securities, the plaintiff and other members have suffered substantial loss and damage.
If you have purchased or otherwise purchased US Bancorp stock and experienced losses, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests. , contact Brandon Walker or Melissa Fortunato by email at email@example.com, by phone at (212) 355-4648 or by filling out this contact form. There is no cost or obligation to you.
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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 state and federal courts across the country in complex commercial, securities, derivatives and other litigation. For more information about the company, visit www.bespc.com. Advertising of lawyers. Previous results do not guarantee similar results.