Fifth Third Bancorp Wins Dismissal Of ERISA Action

Law360, New York (October 3, 2009, 10:50 AM EDT) -- A magistrate judge has tossed the remaining three counts in a putative class action brought by a group of Fifth Third Bancorp employees accusing the company of breaching its fiduciary duty by unlawfully transferring their pension fund money from low- to high-cost investments.

Judge Timothy Black of the U.S. District Court for the Southern District of Ohio ruled Wednesday that the second amended complaint, in which the plaintiffs accused the company of charging excessive and unreasonable fees for its six mutual funds, was submitted after the...
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