SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of U.S. Bancorp - USB
NEW YORK, Nov. 3, 2022 /PRNewswire/ -- (NEWSFILE) Pomerantz LLP is investigating claims on behalf of investors of U.S. Bankcorp ("U.S. Bankcorp" or the "Company") (NYSE: USB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether U.S. Bancorp and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 28, 2022, the Consumer Financial Protection Bureau ("CFPB") fined U.S. Bancorp's banking subsidiary, U.S. Bank National Association ("U.S. Bank"), $37.5 million for illegally exploiting consumers' personal data to open sham accounts for unsuspecting customers. Among other things, the CFPB found that U.S. Bank and/or its employees issued credit cards and lines of credit, as well as opened consumer deposit accounts, without consumers' knowledge and consent. In sum, the CFPB found that U.S. Bank violated the Truth in Lending Act, the Fair Credit Reporting Act, the Truth in Savings Act, the Consumer Financial Protection Act of 2010, and related regulations. The CFPB also ordered the Company to submit a compliance plan design to ensure that the Company's relevant conduct complies with all applicable federal consumer financial laws and the terms of a Consent Order.
On this news, U.S. Bancorp's stock price fell $2.00 per share, or 4% to close at $46.12 per share on July 28, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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