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Lawsuit filed for Investors in shares of Fifth Third Bancorp (NASDAQ: FITB) over alleged Securities Laws Violations

04-14-2020 06:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Fifth Third Bancorp (NASDAQ: FITB) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Fifth Third Bancorp (NASDAQ: FITB) shares over alleged securities laws violations.

An investor, who purchased shares of Fifth Third Bancorp (NASDAQ: FITB), filed a lawsuit over alleged violations of Federal Securities Laws by Fifth Third Bancorp.

Investors who purchased shares of Fifth Third Bancorp (NASDAQ: FITB) have certain options and for certain investors are short and strict deadlines running. Deadline: June 8, 2020. NASDAQ: FITB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 2, 2020, Fifth Third Bancorp filed an Annual Report on Form 10-K with the SEC, reporting the Company's financial and operating results for the quarter and year ended December 31, 2019 (the "2019 10-K"). According to the 2019 10-K, U.S. Consumer Financial Protection Bureau ("CFPB") staff "notified Fifth Third that it intends to file an enforcement action in relation to alleged unauthorized account openings."

On March 9, 2020, the Consumer Financial Protection Bureau ("CFPB") announced that it had filed a lawsuit against Fifth Third Bank, N.A. in federal court, "alleg[ing] that for several years Fifth Third, without consumers' knowledge or consent: opened deposit and credit-card accounts in consumers' names; transferred funds from consumers' existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers' accounts. The [CFPB] alleges that Fifth Third violated the Consumer Financial Protection Act's prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations."

The plaintiff claims that between February 26, 2016, and March 6, 2020, the defendants made false and/or misleading statements and/or failed to disclose that 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, that 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, that Fifth Third failed to properly implement and monitor its cross-sell program, detect and stop misconduct, and identify and remediate harmed consumers, that all the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny or investigation, that Fifth Third's revenues were in part the product of unlawful conduct and thus unsustainable, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Fifth Third Bancorp (NASDAQ: FITB) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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