U.S. Bancorp Lawsuit USB | Deadline December 27, 2022
U.S. Bancorp Class Action Lawsuit (USB Lawsuit)
A lawsuit has been filed against U.S. Bancorp, (USB:NYSE) on October 26, 2022 at the court of Southern District of New york.
Investors who purchased or otherwise acquired U.S. Bancorp common stock during the period from August 1, 2019 through July 28, 2022 can register their information before the deadline of December 27, 2022.
Is U.S. Bancorp involved in a Securities Class Action Lawsuit?
Yes, a lawsuit has been filed against U.S. Bancorp on October 26, 2022, on behalf of shareholders during the period from August 1, 2019 through July 28, 2022.
What Is The U.S. Bancorp Lawsuit About?
The U.S. Bancorp Class Action Lawsuit (NYSE:USB) (U.S. Bancorp Class Action Lawsuit) was filed on behalf of the investors who purchased U.S. Bancorp (USB) securities between August 1, 2018, and July 28, 2022. For more on the USB Lawsuit please contact us today.
According to the U.S. Bancorp lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
Defendants’ statements were misleading because they failed to tell investors that costs at the Goderich mine were increasing rather than decreasing.
(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 and 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.
How much did USB stock drop?
Shareholders who held U.S. Bancorp securities saw stock declined $2.00, or 4% and closed at $46.12 on July 28, 2022.
What does USB Do?
U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities and other financial institutions in the United States.
It operates in Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support segments.
The company offers depository services, including checking accounts, savings accounts, and time certificate contracts; lending services, such as traditional credit products; and credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance, and other products.
It also provides ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers; and a range of asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations.
In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds. Further, it provides corporate and purchasing card, and corporate trust services; and merchant processing services, as well as investment management, ATM processing, mortgage banking, insurance, and brokerage and leasing services.
As of December 31, 2021, the company provided its products and services through a network of 2,230 banking offices principally operating in the Midwest and West regions of the United States, as well as through on-line services, over mobile devices, and other distribution channels; and operated a network of 4,059 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.
Which Class Action Attorney Firm Can Help With The USB Lawsuit?
Levi & Korsinsky LLP is a Securities Class Action Law Firm. For over 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
Does It Cost Me to Join the USB Class Action?
No, there are no out of pocket costs for you to join the U.S. Bancorp Lawsuit.
What Is the Lead Plaintiff Process?
According to the Private Securities Reform Act of 1995, any investor who bought or acquired USB securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The USB class-action lawsuit is directed by the lead plaintiff. To litigate the U.S. Bancorp Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the USB Class Action Lawsuit.
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