Fifth Third Bancorp Settles Stock Class Action For $6M
Law360, New York (March 16, 2016, 6:19 PM EDT) -- Fifth Third Bancorp will pay $6 million to settle a class action lawsuit brought by employees claiming the company's retirement plan lost tens of millions of dollars by investing in the financial services firm's own stock in 2007 despite its risky subprime lending, according to a filing in Ohio federal court Tuesday.
Under the terms of the deal, the Cincinnati, Ohio-based company will freeze its stock fund and prohibit new 401(k) plan participants from investing in it, continue its current practice of matching contributions in cash rather than in stock for at least eight years, and disseminate a yearly notice to...
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