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Fifth Third Bancorp

Company NameFifth Third Bancorp
Stock SymbolFITB

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."

On this news, the Company’s share price fell $3.90, or over 17%, to close at $18.30 per share on March 9, 2020, thereby injuring investors.

 

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