Fifth Third Bank Hit With Excessive Interest Class Action

Law360, New York (February 13, 2013, 1:34 PM EST) -- Fifth Third Bank NA on Tuesday was hit with a proposed class action in Florida federal court accusing it of charging unlawfully excessive interest rates on short-term lines of credit given to its checking account customers.

According to plaintiffs Lori and Daniel Laskaris, Fifth Third had unfairly preyed upon desperate customers with its Early Access program credit lines, charging "usurious" interest rates — in some cases, in excess of 1,000 percent per year once annualized — and misleading customers about the true rate in violation of...
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