Defendant Name:
U.S. Bancorp Investments, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
U.S. Bancorp
SIC Code:
6021
CUSIP:
90297330
Document Reference:
34-88976
Document Details
Legal Case Name
In the Matter of U.S. Bancorp Investments, Inc.
Document Name
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
Document Date
01-Jun-2020
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Undertakings: Notify affected investors and certify such compliance
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Plan of Distribution
Monetary Penalties:
Disgorgement
Individual:
$13,977,908.00
Shared:
Civil Penalty
Individual:
$2,400,000.00
Shared:
Pre-Judgment Interest
Individual:
$2,014,533.00
Shared:
