According to the Complaint, U.S. Bancorp offers a full range of financial services, credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing services.

The Complaint alleges that U.S. Bancorp made false and misleading statements to the public throughout the Class Period regarding the Company's business, operational, and compliance policies. Specifically, the Complaint alleges Defendants made false and misleading statements and/or failed to disclose that: (a) 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; (b) since at least 2015, U.S. Bank and by extension, U.S. Bancorp, was aware of such unauthorized conduct that it was violating relevant regulations and laws aimed at protecting its consumers; (c) 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; (d) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (e) U.S. Bancorp's revenues were in part the product of unlawful conduct and thus unsustainable; and (f) as a result, the Company's public statements were materially false and misleading at all relevant times.

On February 10, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 5. Defendants filed a Motion to Dismiss the amended Complaint on July 11.

On March 28, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff did not amend the Complaint and on May 8, 2024, the case was dismissed with prejudice and judgment was entered in favor of the Defendants.