SAN DIEGO, Oct. 31, 2022 (GLOBE NEWSWIRE) — The class: Robbins LLP reminds investors that between August 1, 2019 and July 28, 2022, a shareholder filed a class action lawsuit alleging violations of the Securities Exchange Act of 1934 on behalf of all purchasers of securities of US Bancorp (NYSE: USB).

What now: Shareholders in similar situations may be eligible to participate in the class action lawsuit against US Bancorp. Shareholders who wish to be named lead plaintiff in the class action must file their filings by December 27, 2022. A lead plaintiff is a representative party acting on behalf of other class members in conducting the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: US Bancorp (USB) has been fined $37.5 million for illegally using consumer personal information to open bogus accounts for unsuspecting customers

According to the lawsuit, the defendants failed to disclose the following during the class action: (a) the U.S. bank put selling pressure on its employees that caused them to open credit cards, lines of credit, and deposit accounts without the knowledge and consent of consumers; (b) since at least 2015, US Bank, and thereby US Bancorp, has been aware of such unauthorized conduct and that it has violated relevant regulations and laws designed to protect its consumers; and (c) US Bancorp failed to adequately monitor its employees for engaging in such illegal conduct, to detect and stop the wrongdoing, and to identify and remedy aggrieved consumers. The foregoing exposed the Company to a foreseeable risk of increased regulatory scrutiny or investigation.

On July 28, 2022, the truth about US Bancorp’s practices was exposed when the Consumer Financial Protection Bureau issued a consent order and fined US Bank $37.5 million for leaking consumers’ personal information had illegally exploited to obtain Schein…