Investors Hit Fifth Third With Proposed Class Action

Law360, New York (July 23, 2008, 12:00 AM EDT) -- Fifth Third Bancorp, one of the largest money managers in the Midwest, has been hit with a securities class action lawsuit alleging that the financial services company and its CEO misrepresented the company's failing financial health to investors.

In a complaint filed July 22 in the U.S. District Court for the Southern District of Ohio, plaintiff Raymond Shackelton alleges that Cincinnati-based Fifth Third and its CEO Kevin T. Kabat violated federal securities laws by making false and misleading statements about the company's financial condition, which caused...
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