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Split 6th Circ. Blames Fifth Third For Ambiguous APR Terms

Law360 (May 28, 2019, 10:10 PM EDT) -- A split Sixth Circuit revived a proposed class action Tuesday alleging Fifth Third Bank falsely advertised advance cash loans as having a 120% annual percentage rate when it could be as high as 3,650%, faulting the lower court's conclusion that the bank’s contractual definition of APR is not ambiguous.

In a 19-page published opinion, a majority panel held that a lower court erred in dismissing a breach of contract claim under Ohio state law against Fifth Third. The bank’s contract for its Early Access cash loan program has two different definitions of APR — one that describes APR as being “expressed...

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