Fifth Third Gets Investor Fraud Suit Axed For Good

By Sarah Jarvis (May 24, 2022, 10:03 PM EDT) -- An Illinois federal judge on Tuesday permanently tossed a proposed investor class action claiming Fifth Third Bancorp fraudulently failed to immediately disclose a federal investigation into unauthorized account openings, after the court dismissed an earlier iteration of the suit last year.

U.S. District Judge Sara L. Ellis said in an opinion that the allegations in the latest complaint from the lead plaintiff — New Jersey-based Heavy & General Laborers' Local 472 & 172 Pension and Annuity Funds — aren't strong enough to support the securities claims it brought against the bank, its CEO Greg Carmichael and former Chief Financial Officer Tayfun...

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