Shareholder Sues Fifth Third Over Merger

Law360, New York (February 25, 2008, 12:00 AM EST) -- Fifth Third Bancorp has been hit with a shareholder derivative suit in an attempt to halt its proposed $1.09 billion purchase of North Carolina bank First Charter Corp.

Edward P. Zemprelli sued Fifth Third's board of directors on behalf of the company on Feb. 13 in Ohio state court. A copy of the complaint could not be obtained.

The suit brought several charges, including breach of fiduciary duty and waste of corporate assets, following Fifth Third's shareholders' approval in January of the company's acquisition of First...
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