Fifth Third Beats ERISA Stock Drop Class Action

Law360, New York (November 29, 2010, 1:33 PM EST) -- Fifth Third Bancorp has scored a victory in litigation related to its precipitous stock drop in 2008 with a federal judge's decision to throw out a putative class action alleging the company violated the Employee Retirement Income Security Act.

Judge Sandra S. Beckwith of the U.S. District Court for the Southern District of Ohio granted the company's motion to dismiss the four-count, 78-page complaint on Wednesday. The plaintiffs, employees of Fifth Third, alleged the company breached its fiduciary duty by allowing workers to invest retirement plan...
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