Defendant Name: U.S. Bancorp Investments, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: U.S. Bancorp
SIC Code: 6021
CUSIP: 90297330

Initial Case Details

Legal Case Name In the Matter of U.S. Bancorp Investments, Inc.
First Document Date 01-Jun-2020
Initial Filing Format Administrative Action
File Number 3-19818
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 01-Jun-2020
Headline Total Penalty and Disgorgement $18,392,441

Related Documents:

34-88976 01-Jun-2020 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On June 1, 2020, the SEC instituted settled cease-and-desist proceedings against U.S. Bancorp Inc. ("USBI"). The SEC stated: "These proceedings arise from breaches of fiduciary duties by USBI, a dually-registered investment adviser and broker-dealer, in connection with its mutual fund share class selection practices and its receipt of fees for shareholder servicing (“shareholder servicing fees”) and fees pursuant to Rule 12b-1 under the Investment Company Act of 1940."