U.S. Bancorp Securities Class Litigation

Introduction

Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired common stock shares of U.S. Bancorp (the “Company”) (NYSE: USB) from August 1, 2019 through July 28, 2022, inclusive (the “Class Period”).

If you purchased or otherwise acquired U.S. Bancorp securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 27, 2022.  A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff.  You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

U.S. Bancorp investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email investorinfo@lchb.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.

Background on the U.S. Bancorp Securities Class Litigation

U.S. Bancorp is a Minneapolis, Minnesota-based company that provides financial services to both institutional clients and individuals.  U.S. Bank National Association (“U.S. Bank”) is a subsidiary of U.S. Bancorp that engages in the general banking business.

The securities class action alleges that U.S. Bancorp made materially false and misleading statements and/or failed to disclose that: (a) U.S. Bank pressured employees to open unauthorized consumer credit cards, lines of credit, and deposit accounts; (b) since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct and that it violated relevant consumer protection laws and regulations; (c) U.S. Bancorp failed to properly monitor its employees, detect and stop the misconduct, and identify and remediate harmed consumers; (d) as a result of the foregoing, U.S. Bancorp was subjected to significant risks of heightened regulatory scrutiny and actions; and (e) U.S. Bancorp’s revenues were in part derived from the unlawful misconduct and, therefore, unsustainable.

On July 28, 2022, the Consumer Financial Protection Bureau issued a Consent Order and fined U.S. Bank $37.5 million for opening sham 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%, from a closing price of $48.21 per share on July 27, 2022, to close at $46.12 per share on July 28, 2022, on elevated trading volume.

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    Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, 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. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.

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