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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.