GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF U.S. BANCORP SHAREHOLDERS (NYSE: USB)
U.S. Bancorp had to pay a $37.5 million fine to the Consumer Financial Protection Bureau in connection with allegations that its bankers secretly opened accounts in customers' names to increase revenue.
U.S. Bancorp and its CEO Andrew Cecere, Chief Financial Officer Terry Dolan and Chief Risk Officer Jodi Richard have been accused of violating federal securities laws by concealing the alleged misconduct and leaving the bank vulnerable to regulatory scrutiny and investigations.
Despite being aware of the allegedly unlawful business practices, it is alleged that U.S. Bancorp failed to properly monitor its employees, detect, and stop the misconduct, and identify and remediate harmed consumers. It is further alleged that the bank's revenue during that time was, in part, the product of unlawful conduct and thus unsustainable."
According to the CFPB’s consent order, bank's employees were under sales pressure that led them to open accounts and credit lines without the knowledge or consent of the customers whose names were on the accounts. The practices included, in some cases, accessing consumers' credit reports without their permission and failing to make disclosures about the accounts as required by law, according to the CFPB.
U.S. Bancorp shareholders who have held company stock since 2009, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
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