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
(jimb@johnsonfistel.com) at 619-814-4471. If emailing, please
include a phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
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
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP