Fifth Third Long -Term Investor Alert: Johnson Fistel Investigates Fifth Third Bancorp Following Suit Filed by Consumer Financial Protection Bureau

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Mar 10, 2020, 09:18 ET

SAN DIEGO, March 10, 2020 /PRNewswire/ --

Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Fifth Third Bancorp ("Fifth Third" or the "Company") (NASDAQ: FITB) for violations of federal securities laws.

On March 9, 2020, The Consumer Financial Protection Bureau ("Bureau") announced it filed a lawsuit in federal court against Fifth Third. In a press issued by the Bureau, it alleges "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 Bureau 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 Bureau further stated "for years and continuing through at least 2016, Fifth Third used a "cross-sell" strategy to increase the number of products and services it provided to existing customers; used an incentive-compensation program to reward selling new products; and conditioned employee-performance ratings and, in some instances, continued employment on meeting ambitious sales goals. The Bureau further alleges that, despite knowing since at least 2008 that employees were opening unauthorized consumer-financial accounts, Fifth Third took insufficient steps to detect and stop the conduct and to identify and remediate harmed consumers."

If you are a current, long-term shareholder of Fifth Third, you may have standing to hold the Company harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.

If you are interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP