6th Circ. Revives Fifth Third ERISA Class Action

Law360, New York (September 5, 2012, 10:00 PM EDT) -- The Sixth Circuit on Wednesday revived a proposed class action by Fifth Third Bancorp employees claiming the company’s retirement plan lost tens of millions of dollars by investing in its own stock in 2007 despite its risks as a subprime lender, in violation of the Employee Retirement Income Security Act.

A three-judge panel reversed an Ohio federal court’s decision that granted Cincinnati, Ohio-based Fifth Third’s motion to dismiss, finding that the employees had made a plausible claim that the plan’s fiduciaries, including bank CEO Kevin Kabat,...
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