- Key insight: U.S. Bank is not off the hook in a suit brought by a former executive who is alleging discrimination, harassment and retaliation.
- What's at stake: Srini Nallasivan is suing the Minneapolis-based company for lost wages and benefits, as well as damages for emotional distress, amounting to at least $100,000.
- Expert quote: "We disagree with the claims and intend to defend ourselves vigorously." — U.S. Bank spokesperson Jeff Shelman in August 2025
A former executive's discrimination lawsuit against U.S. Bank can move forward, a federal judge has ruled.
Srini Nallasivan, formerly U.S. Bank's chief AI and analytics officer,
On Thursday, U.S. Magistrate Judge David Keesler in North Carolina delivered a split ruling: Nallasivan's claims of defamation and blacklisting should be dismissed. But his accusation of discrimination, harassment and retaliation, Keesler wrote, "is not time-barred and should, at this stage, be allowed to proceed."
U.S. Bank declined to comment on the ruling. But last summer, the lender told American Banker it disputed Nallasivan's claims.
"Mr. Nallasivan's job was eliminated after a robust and considered organizational review," Jeff Shelman, a spokesperson for U.S. Bank, said by email in August 2025. "We disagree with the claims and intend to defend ourselves vigorously."
In his complaint, Nallasivan says he was thriving in his role at U.S. Bank until the company suddenly turned on him. Five years into the job, the bank allegedly accused him of misconduct without evidence and eventually fired him.
But what finally provoked the lawsuit, Nallasivan says, is that after he lost his job, U.S. Bank allegedly badmouthed him to another financial firm that was on the verge of hiring him.
This allegation was the basis of Nallasivan's defamation and blacklisting claims. But on Thursday, Judge Keesler ruled that the defamation complaint came too late, missing the relevant law's statute of limitations.
As for the blacklisting claim, Keesler found that U.S. Bank's maligning of Nallasivan to a hiring firm was not "unsolicited," and therefore did not meet the definition of blacklisting under North Carolina law.
Nallasivan was hired by U.S. Bank in 2018, after serving in tech-related executive roles for 12 years at Bank of America and two years at AIG. The Indian-born MIT graduate spearheaded U.S. Bank's AI services and ran data analytics, among other responsibilities. Up until 2022, he says, he received "glowing annual reviews."
But in September 2023, his lawyers say, Nallasivan's supervisor was suddenly "pushed out" of his role, and his work environment began to turn hostile.
On Sept. 14, U.S. Bank sent Nallasivan a letter accusing him of being combative, aggressive and uncollaborative, hiding information and circumventing regulations. For months, Nallasivan challenged this narrative and asked for an explanation, but his superiors allegedly ignored him.
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In November, Nallasivan learned that another employee would be taking over as chief of artificial intelligence — a role Nallasivan had held since 2019. In the complaint, Nallasivan's lawyers point out that this employee was a white man.
"It remains clear that these discriminatory actions were intended by U.S. Bank to replace Mr. Nallasivan, a person of color," the complaint says.
In January 2024, U.S. Bank allegedly told Nallasivan that his job was being eliminated, and that his last day would be in May. His supervisor allegedly promised a severance package of more than $100,000 — if he would help with the transition. Nallasivan agreed.
But one month later, the complaint says, U.S. Bank told Nallasivan that his exit date would actually be months earlier, in mid-March, and he would not receive the severance.
"This was a classic bait-and-switch," Nallasivan's lawyers wrote.
Having lost his position at U.S. Bank, Nallasivan looked for other work, according to his lawsuit. After several interviews, one financial firm offered him a job with a generous pay package. But four days later, the company suddenly withdrew the offer, the lawsuit says, after "an employee at U.S. Bank had spoken negatively about Mr. Nallasivan."
"It is clear that individuals at U.S. Bank are interfering and attempting to prevent Mr. Nallasivan from finding gainful employment as an act of further retaliation," the complaint says.
Nallasivan is suing U.S. Bank for lost wages and benefits, as well as damages for emotional distress, amounting to at least $100,000.
Nallasivan's lawyers did not respond to American Banker's requests for comment.
