Fifth Third Seeks High Court Review Of ERISA Action

Law360, New York (December 21, 2012, 7:47 PM EST) -- Fifth Third Bancorp has petitioned the U.S. Supreme Court to overturn the Sixth Circuit's revival of a proposed class action claiming the company's retirement plan lost tens of millions of dollars investing in its own stock in 2007 despite its risks as a subprime lender.

In September, a three-judge panel reversed an Ohio federal court's decision that granted Cincinnati-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, had violated their duty...
To view the full article, register now.