Special Topic

Oklahoma Police Pension Fund Sues U.S. Bancorp Over Losses

Bloomberg reports that U.S. Bancorp is being sued “by an Oklahoma police pension fund over allegations investors in mortgage bonds were hurt by the bank failing to ensure that securities were backed by loans.” The Oklahoma Police Pension and Retirement System is alleging that U.S. Bancorp “knew mortgage loans underlying the bonds weren’t properly transferred to trusts and caused investors to suffer millions of dollars in losses.” (HT: @matthewstoller)