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SAN DIEGO–(BUSINESS WIRE)–$TRU #TRU–Shareholder rights law firm Robbins LLP is investigating TransUnion (NYSE: TRU) to determine whether certain TransUnion officers and directors violated securities laws and breached fiduciary duties to shareholders. TransUnion is a well-known credit reporting agency, which describes itself as a “leading global information and insights company that makes trust possible between businesses and consumers, working to help people around the world access opportunities that can lead to a higher quality of life.”
If you would like more information about our investigation of TransUnion’s misconduct, click here.
TransUnion (TRU) Violated the Consent Order Imposed by the Consumer Federal Protection Bureau
In 2017, the Consumer Financial Protection Bureau (“CFPB”) imposed a law enforcement order on TransUnion to stop the Company from engaging in deceptive marketing regarding its credit scores and address other issues involving credit-related products (the “Consent Order”). Terms of the Consent Order required TransUnion and its subsidiaries to pay $13.9 million in restitution and $3 million in civil penalties. The Consent Order also provided that TransUnion had to submit a comprehensive compliance plan designed to ensure that the Company’s advertising practices complied with all applicable federal laws and the terms of the Consent Order.
Despite the existence of the Consent Order, on April 12, 2022, the CFPB announced that it was filing a lawsuit against TransUnion, TransUnion Interactive, Inc., TransUnion, LLC, and former key executive John Danaher for violating the Consent Order. CFPB stated in a press release that “TransUnion is an out-of-control repeat offender that believes it is above the law. …TransUnion’s leadership is either unwilling or incapable of operating its businesses lawfully.” Moreover, the Chairman of the House Select Subcommittee on the Coronavirus Crisis is concerned that TransUnion violated the Fair Credit Reporting Act for failing to respond to consumer complaints during the pandemic. Thus, TransUnion could face another investigation resulting from its disregard of its obligations to consumers.
TransUnion (TRU) shareholders have legal options. If you own shares of TransUnion or have incurred a recent significant loss in the stock, contact us for more information about your rights.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against TransUnion settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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