Case Caption: Futo, et al. v. U.S. Bancorp, et al.
Court: United States District Court for the District of Minnesota
Case Number: 0:25-cv-01464-ECT-DJF
Judge: Hon. Eric C. Tostrud
Plaintiff: Adam Saul Futo, James Bartley Ellis
Defendant: U.S. Bancorp; U.S. Bancorp Investments, Inc.
This class action seeks relief on behalf of USBI’s brokerage customers who participated in its Bank Deposit Program (“Program”). On August 7, 2025, the Court appointed Kessler Topaz as co-lead counsel for the Putative Class.
Pursuant to the Program, USBI transfers customers’ uninvested cash to interest-bearing accounts at its affiliate, U.S. Bank. In reality, the Program is a sham. Defendants paid Plaintiffs and members of the class near-zero interest rates; most customers now receive 0.23%. Meanwhile, market interest rates have jumped: USBI’s competitors pay rates approaching 4% on swept cash; the federal one-month treasury rate has exceeded 5%; and the benchmark federal funds rate has exceeded 4%. Rather than pass these market rates on to its customers, Defendants pocket the spread. Based on these facts, Plaintiffs allege Defendants violated various contractual, statutory, and common law duties.
Defendants have moved to dismiss Plaintiffs’ complaint, and a hearing on Defendants’ motion is scheduled for October 14, 2025.