Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against U.S. Bancorp (USB)

New York, New York--(Newsfile Corp. - October 31, 2022) - Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased U.S. Bancorp ("U.S. Bancorp" or the "Company") (NYSE: USB) securities between August 1, 2019 and July 28, 2022, inclusive (the "Class Period").

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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; (4) all the foregoing subjected U.S. Bancorp to a foreseeable risk of heightened regulatory scrutiny or investigation; and (5) 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.

Investors who purchased or otherwise acquired shares of U.S. Bancorp should contact the Firm prior to the December 27, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142517