Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 234

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 234
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, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). The Damages Action was settled and is fully resolved. A number of merchants opted out of the Damages Action class settlement and filed individual cases in various federal district courts. Some of those cases have been settled and others are still being litigated. In March 2024, Visa signed a settlement agreement to resolve the Injunctive Action. In June 2024, the court declined to grant preliminary approval of the proposed settlement, which provided for lower interchange fees and various other rule changes for U.S. merchants. Accordingly, the Injunctive Action continues.

Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2025:

| (Dollars in Millions)               |     | Collateral  Held |       |     | Carrying  Amount |     |     | Maximum   
 Potential 
 Future    
 Payments  |         |     |    |
|:------------------------------------|:----|:-----------------|------:|:----|:-----------------|----:|:----|:----------|--------:|:----|:---|
| Standby letters of credit           |     | $                |     — |     | $                |  23 |     | $         |  10,983 |     |    |
| Securities lending indemnifications |     |                  | 6,652 |     |                  |   — |     |           |   6,481 |     |    |
| Asset sales                         |     |                  |     — |     |                  | 106 |     |           |  14,947 |     | -a |
| Merchant processing                 |     |                  |   750 |     |                  |  52 |     |           | 158,347 |     |    |
| Other                               |     |                  |     — |     |                  |  21 |     |           |   3,202 |     |    |

(a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For