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U.S. Bancorp settles with DOJ over mortgages

  • 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
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