- U.S. Bancorp (USB) will pay $200M (without admission of liability) to settle a previously-disclosed investigation over agency-backed mortgages.
- In other news, the bank this quarter sold 3M shares of the Class B common stock of Visa, resulting in a pretax gain of $214M. USB continues to own about 9.6M shares.
- The settlement and the share sale will roughly cancel each other out as far as Q2 earnings go.
- Source: Press Release
at Zacks.com (Nov 14, 2014)