Lieff Cabraser recommends that U.S. Bancorp (or the “Company”) investors who suffered losses from purchasing or otherwise acquiring U.S. Bancorp securities (NYSE: USB) between August 1, 2019 and July 28, 2022 contact our attorneys immediately regarding pending securities fraud class action against U.S. Bancorp. The deadline to apply to be a lead plaintiff is December 27, 2022.
The securities class action alleges that U.S. Bancorp made materially false and misleading statements and failed to disclose that the Company’s subsidiary, U.S. Bank, secretly and improperly pressured its employees to open sham accounts for consumers, thereby exposing the Company to significant risk of regulatory scrutiny and actions.
On July 28, 2022, the Consumer Financial Protection Bureau issued a Consent Order and fined U.S. Bank $37.5 million for opening unauthorized accounts in consumers’ names, without their consent or knowledge. On this news, the price of U.S. Bancorp shares fell $2.09, or 4.34%, to close at $46.12 per share on July 28, 2022, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.