|  | | 2012 News and Press Releases | | |
SETTLEMENT NEWS:
Fifth Third Agrees To $16M Settlement In Securities Fraud Case Settlement
Steve Watkins
Business Courier. December 19, 2012
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EXCERPT: Fifth Third Bancorp agreed to pay $16 million to settle a four-year-old lawsuit regarding a class-action securities fraud case against it. Fifth Third (Nasdaq: FITB) said in a Securities and Exchange Commission filing that it agreed to the settlement on Tuesday. Fifth Third said it and its insurer will pay the $16 million to settle all claims from class members. The bank, Cincinnati’s largest locally based bank, said in the filing it “has denied any liability and has agreed to the settlement in order to avoid potential future litigation costs and uncertainty.” Fifth Third shareholders originally filed the case in 2008 after Fifth Third’s stock plummeted as it took several large writedowns. It was later consolidated into a class action case. Plaintiffs include Local 295/Local 851 IBT Employer Group Pension Trust and Welfare Fund and the Eshe Fund, a New York charitable organization. |
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