Nina Yadava and Nicholas C.E. Walter of Jones Day have stepped in to represent U.S. Bancorp and its top officers and directors in a pending shareholder derivative lawsuit. The case, filed Jan. 11 in New York Southern District Court by Bronstein, Gewirtz & Grossman and the Brown Law Firm on behalf of Cheri Clearwater, alleges that the company's incentive-compensation program encouraged employees to open credit cards, lines of credit and depositing accounts without customers' knowledge or consent. The suit further accuses the defendants of preventing out-of-work consumers from accessing unemployment benefits during the COVID-19 pandemic. The case, assigned to U.S. District Judge John P. Cronan, is 1:24-cv-00241, Clearwater v. Cecere et al.
Banking & Financial Services
January 23, 2024, 8:55 AM