ACCESS Newswire
22 Nov 2022, 04:25 GMT+10
NEW YORK, NY, / ACCESSWIRE / November 21, 2022 / Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a federal securities class action in the United States District Court Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired securities of U.S. Bancorp. ('U.S. Bancorp' or the 'Company') (NYSE:USB) from August 1, 2019 to July 28, 2022, inclusive (the 'Class Period'). The class action alleges violations of the federal securities laws.
U.S. Bancorp is a Delaware company headquartered in Minneapolis, Minnesota. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. U.S. Bancorp's banking subsidiary, U.S. Bank National Association ('U.S. Bank'), is engaged in the general banking business. U.S. Bancorp is the publicly traded parent company of U.S. Bank.
U.S. Bancorp's stock was trading at $48.12 on July 28, 2022, but after the Consumer Financial Protection Bureau ('CFPB') issued a Consent Order and fined U.S. Bank $37.5 million for illegally exploiting consumers' personal data to open sham accounts, the price of U.S. Bancorp stock declined 4% to close at $46.12, on July 28, 2022.
The Complaint alleges that U.S. Bancorp made false and misleading statements to the public throughout the Class Period regarding the Company's business, operational, and compliance policies. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (a) 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; (b) since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct that it was violating relevant regulations and laws aimed at protecting its consumers; (c) 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; (d) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (e) U.S. Bancorp's revenues were in part the product of unlawful conduct and thus unsustainable; and (f) as a result, the Company's public statements were materially false and misleading at all relevant times.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than December 27, 2022. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you have suffered a net loss from investment in U.S. Bancorp's securities from August 1, 2019 and July 28, 2022, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Alesandra Greco at [email protected] or Andrea Farah at [email protected] or by calling 914-733-7256. The class action is titled The Buhrke Family Revocable Trust v. U.S. Bancorp et al., No. 1:2022-cv-09174 (S.D.N.Y.).
Contact
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: [email protected]
[email protected]
SOURCE: Lowey Dannenberg
Get a daily dose of St Louis Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Louis Star.
More InformationDUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...