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NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that on behalf of investors who have purchased or acquired the securities of US Bancorp (“US Bancorp” or the “Company”), a security – Class action lawsuit has been filed. ) (NYSE: USB) between August 1, 2019 and July 28, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.

US Bancorp offers a full suite of financial services, including credit and custody services, cash management, capital markets, and trustee and investment management services. It is also engaged in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. US Bancorp’s banking subsidiary, the US Bank National Association (“US Bank”), engages in general banking activities primarily in the domestic markets. US Bancorp is the publicly traded parent company of US Bank.

According to the Consumer Financial Protection Bureau (“CFPB”), the U.S. bank has engaged in unlawful acts and practices since at least 2015, when it imposed sales targets on bank employees as a factor in evaluating employee performance. US Bank, and by extension US Bancorp, introduced a performance-based compensation program that financially rewarded employees for selling consumer financial products or services. Pursuant to the Consent Order of 2022 (“the Consent Order”), US Bancorp pressured employees to sell more products because it was in the best interests of Defendants to do so. In response, employees engaged in unlawful conduct and opened deposit accounts, applied for and issued credit cards, and opened lines of credit…