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U.S. Bancorp Class Action Lawsuit - USB

25 days left to seek lead plaintiff status

Case Summary

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The U.S. Bancorp class action lawsuit seeks to represent purchasers or acquirers of U.S. Bancorp (NYSE: USB) securities between August 1, 2019 and July 28, 2022, inclusive (the “Class Period”).  Captioned The Buhrke Family Revocable Trust v. U.S. Bancorp, No. 22-cv-09174 (S.D.N.Y.), the U.S. Bancorp class action lawsuit charges U.S. Bancorp and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the U.S. Bancorp class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the U.S. Bancorp class action lawsuit must be filed with the court no later than December 27, 2022.

CASE ALLEGATIONS: U.S. Bancorp’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), is engaged in the general banking business, principally in domestic markets.

The U.S. Bancorp class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) 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; (iii) 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; (iv) all the foregoing subjected U.S. Bancorp to a foreseeable risk of heightened regulatory scrutiny or investigation; and (v) U.S. Bancorp’s revenues were in part the product of unlawful conduct and thus unsustainable.

On July 28, 2022, the Consumer Financial Protection Bureau 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.  On this news, the price of U.S. Bancorp stock declined approximately 4%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired U.S. Bancorp securities during the Class Period to seek appointment as lead plaintiff in the U.S. Bancorp class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the U.S. Bancorp class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the U.S. Bancorp class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the U.S. Bancorp class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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