Fifth third Nabs comes out of investor investigation fraud prosecution

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Law360 (April 27, 2021, 5:30 p.m. EDT) – An Illinois federal judge on Tuesday dismissed investors’ complaint that Fifth Third Bancorp fraudulently failed to immediately disclose a federal investigation into unauthorized account openings, claiming investors had not sufficiently pleaded that the bank executives intended to deceive them.

Allegations of investor securities fraud cannot be addressed because they do not sufficiently argue that public communications by fifth third CEO Greg Carmichael and CFO Tayfun Tuzun intentionally distorted or concealed the risks of the Consumer’s investigation Financial Protection Bureau and allegations of wrongdoing against the bank, said U.S. District Judge Sara Ellis.

The CFPB alerted Fifth Third of its investigation in 2016 …

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