| COMPANY |
Fifth Third Bancorp |
| COURT |
United States District Court for the Northern District of Illinois |
| CASE NUMBER |
20-cv-02176 |
| JUDGE |
The Honorable Sarah L. Ellis |
| CLASS PERIOD |
November 9, 2016 – March 6, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
On April 07, 2020, the initial complaint in this securities class action was filed against Fifth Third Bancorp (“Fifth Third” or the “Company”), and certain of Fifth Third’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all purchasers of Fifth Third common stock between November 9, 2016 and March 6, 2020, (the “Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) as a result of Fifth Third Bank’s aggressive incentive policies to promote its cross-sell strategy, Fifth Third Bank employees engaged in unauthorized conduct with customer accounts; (2) since at least 2008, Fifth Third Bank, and by extension, Fifth Third, was aware of such unauthorized conduct and, thus, that it was violating relevant regulations and laws aimed at protecting its consumers; (3) Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers; (4) all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation; (5) Fifth Third’s revenues were in part the product of unlawful conduct and thus unsustainable; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
Lead Plaintiff filed a consolidated complaint on September 14, 2020. Defendants filed a Motion to Dismiss the Complaint on October 30, 2020. On May 24, 2022, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.