Fifth Third To Pay $6.5M For Faulty Crisis-Era Accounting

Law360, New York (December 4, 2013, 3:56 PM EST) -- Fifth Third Bancorp on Wednesday agreed to pay the U.S. Securities and Exchange Commission $6.5 million to settle allegations that it hid losses on commercial real estate loans it intended to sell during the financial crisis.

The SEC alleged that as the real estate market collapsed during the height of the financial crisis in 2007 and 2008, Fifth Third elected to sell a large portion of its nonperforming loans. But rather than marking those loans as “held for sale,” as required by law, and mandating that...
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