Fifth Third Faces $23.5M ERISA Suit Over Pension

Law360, New York (January 11, 2008, 12:00 AM EST) -- The U.S. Department of Labor has sued Fifth Third Bank, alleging that the bank hurt a Michigan pension fund it was co-managing by selling a $28 million property owned by the fund for only $4.5 million.

According to a complaint the DOL filed on Dec. 28, Fifth Third and Carey Milestone Advisors LLC, an Ohio financial consulting firm, between 2003 and 2006 managed investments for Operating Engineers Local 324 Pension, a union pension fund in Troy, Mich.

The fund's assets included a piece of Detroit real...
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