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U.S. Bancorp?
Contact investor advocates for a free evaluation of your potential claims for compensation today.
- Did you invest in U.S. Bancorp (NYSE: USB) in or before 2009?
- Are you concerned about the Consumer Financial Protection Bureau’s (“CFPB”) $37 million fine (penalty) against U.S. Bancorp’s banking subsidiary for allegedly “opening credit cards, lines of credit, and deposit accounts without consumers’ knowledge and consent”?
- Are you concerned about the USB stock price decline following CFPB’s sanctions?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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The U.S. Bancorp class action investigation page is the resource for investors who bought U.S. Bancorp shares and would like to evaluate compensation claims.
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Posted November 17, 2022
U.S. Bancorp Investigation
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating alleged securities violations, corporate misconduct, and misrepresentations, as well as questionable business practices involving U.S. Bancorp, and have identified potential areas of concern.
What U.S. Bancorp Investors May Do
USB stock investors interested to evaluate potential options to seek compensation and/or pursue claims related to their U.S. Bancorp investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in U.S. Bancorp.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned USB stock investors investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
US Bancorp Class Action Lawsuit Over Investor Losses
U.S. Bancorp, Andrew Cecere, U.S. Bancorp’s Chairman and President and Chief Executive Officer,Terry Dolan, U.S. Bancorp’s Chief Financial Officer, and Jodi Richard, U.S. Bancorp’s Vice Chair and Chief Risk Officer, are named defendants in a class action complaint filed by a U.S. Bancorp investor alleging violations of securities laws.
According to the class action complaint, between August 1, 2019 and July 28, 2022, U.S. Bancorp and its principals allegedly made false and/or misleading statements and/or failed to disclose that, among others, US Bancorp’s banking subsidiary, U.S. Bank National Association, was allegedly in violation of laws and regulations protecting consumers by causing its employees to open credit cards, lines of credit, and deposit accounts without consumers’ authorization. The complaint further alleges that U.S. Bancorp failed to monitor its employees to detect, and stop the alleged misconduct, in addition to failing to identify and compensate harmed consumers.
In addition, the U.S. Bancorp investor is alleging that any revenues derived from the alleged unlawful conduct were unsustainable and that defendants engaged in misrepresentations and/or omissions to hide from investors U.S. Bancorp’ exposure to “foreseeable risk of heightened regulatory scrutiny or investigation.”
U.S. Bank National Association Sanctioned for Alleged Violation of Customer Protection Laws
In late July 2022, without admitting or denying the allegations, U.S. Bank National Association reportedly entered into a Consent Order issued by the Consumer Financial Protection Bureau, according to which U.S. Bank violated several consumer protecting laws and regulations.
Among the identified alleged unlawful acts or practices of U.S. Bank, the Order lists unauthorized issuing of credit cards and lines of credit for consumers, obtaining consumer reports without having any permissible purpose, and creating sales pressure on employees that reportedly led to employees “opening credit cards, lines of credit, and deposit accounts without consumers’ knowledge and consent.”
U.S. Bank was reportedly ordered, among others, to identify and compensate all affected customers, and to pay a civil money penalty of $37,500,000 to the Bureau.
US Bancorp Class Action Complaint Seeking Damages for Harmed Investors
Following the issuing of the Consent Order, the price per USB share reportedly fell 4%, to close at $46.1, causing significant losses and damages to investors, the complaint alleges.
As a result, the U.S. Bancorp class action plaintiff sought damages, pre- and post-judgment interest at the maximum rate allowable by law, as well as reasonable attorneys’ fees and costs, and expert fees. The class action is currently pending.
Invested in U.S. Bancorp and Would Like to Know if You Have a Claim for Compensation?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and are evaluating potential claims for compensation on behalf of USB shareholders. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a U.S. Bancorp investor concerned about your investment and/or its value, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, U.S. Bancorp investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The U.S. Bancorp Class Action Investigation page is not affiliated with U.S. Bancorp. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.