U.S. Bancorp (USB) Officers and Directors Under Investigation for Alleged Breaches of Fiduciary Duty and False Statements

Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of shareholders of U.S. Bancorp (NASDAQ: USB) related to undisclosed risks about the company’s consumer products and services.

U.S. Bancorp is a Delaware company headquartered in Minneapolis, Minnesota. U.S. Bancorp provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against US Bancorp’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”). According to the Consent Order, from 2010 to 2020, U.S. Bank prioritized revenue generation over regulatory compliance. The Company’s sales policies incentivized employees to open deposit accounts and credit lines on behalf of customers without their knowledge and consent. One such policy was an incentive compensation program, which offered financial rewards to employees for selling high-revenue-generating products and services. This employee misconduct continued unchecked for years because the Company failed to implement adequate controls to address its operational and compliance risks. The Company failed to disclose these risks to shareholders and investors.

The Schubert Firm is investigating potential breaches of fiduciary duty by U.S. Bancorp’s officers and directors in connection with these allegations.

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