Berman Tabacco, a national law firm representing investors, is investigating potential breaches of fiduciary duty by directors and senior managers of TransUnion ("TransUnion" or "the Company") (NYSE: TRU) - one of the nation's three largest credit reporting agencies-for their roles in allegedly deceiving consumers into purchasing credit monitoring services. According to Rohit Chopra, Director of the Consumer Financial Protection Bureau ("CFPB"), "TransUnion is an out-of-control repeat offender that believes it is above the law," and "TransUnion's leadership is either unwilling or incapable of operating its businesses lawfully."
On April 12, 2022, the CFPB filed a complaint against TransUnion alleging the Company perpetrated a massive fraud to deceive consumers into unwittingly signing up for paid credit monitoring services. Consumer Financial Protection Bureau v. TransUnion, No. 1:22-CV-01880 (N.D. Ill. Apr. 12, 2022), ECF No. 1.
Under the Fair Credit Reporting Act, TransUnion is required to provide consumers free credit reports once a year through the website annualcreditreport.com. TransUnion allegedly manipulated the site and used various bait-and-switch tactics to make consumers unwittingly sign up for paid credit monitoring services. These tactics include (1) requiring consumers to enter credit card information for what appeared to be a free credit score, but was actually paid credit monitoring services; and (2) sending marketing emails with links to purportedly free credit scores and reports, and then diverting those who clicked the links to misleading enrollment forms for paid credit monitoring services.
This is not the first time TransUnion has been accused such practices. In 2017, based on similar allegations, the Company entered into a Consent Order with the CFPB agreeing to ensure that consumers would not be misled into signing up for the Company's paid products. The CFPB now alleges that TransUnion "violated the Order since the day it went into effect" and simply chose not to comply at all.
TransUnion now faces significant liability for its unlawful conduct. If you currently own TransUnion stock and wish to discuss your legal rights and/or options, please submit your information here.
Berman Tabacco is one of the country's highly ranked class action law firms representing institutions and individuals in lawsuits to achieve corporate accountability and seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been consistently recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who's Who Legal, and Super Lawyers. The firm has offices in Boston, Massachusetts and San Francisco, California.
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Contact:
Berman Tabacco
Steven L. Groopman, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: [email protected]
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