June 1, 2020

Broker-dealer and investment advisor U.S. Bancorp Investments, Inc. will pay a penalty of $2.4 million as well as disgorgement and interest totaling nearly $16 million to resolve claims that it steered clients to mutual fund share classes that charged 12b-1 and shareholder servicing fees when lower-cost share classes were available.  U.S. Bancorp allegedly failed to disclose to clients that it had a conflict of interest arising from its receipt of fees with respect to such shares, and, in recommending the higher-cost shares, failed to seek best execution for client transactions.  SEC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Securities Fraud,