Fifth Third Bancorp Sued Over $750M Share Offering

Law360, New York (June 24, 2008, 12:00 AM EDT) -- A pension fund has launched a putative shareholder class action against Fifth Third Bancorp, accusing the bank of lying to investors and concealing its exposure to the credit crisis in a prospectus accompanying the public offering of $750 million in shares last October.

The Eshe Fund filed the suit Tuesday in the U.S. District Court for the Southern District of Ohio, suing on behalf of all shareholders who bought stock between October 2007 and June 17, including those who purchased so-called trust preferred securities.

The fund...
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