All About Fifth Third Bank Lawsuits

Remember how government agencies and state governments are more likely to be able to file a class action lawsuit against big companies like Fifth Third Bank? Well that’s exactly what happened when, in 2020, the CFPB filed a civil lawsuit against Fifth Third Bank after an investigation of over three years involving half a billion pieces of data. The allegations are that improper customer charges were levied against multiple accounts.

That’s not all. Fifth Third Bank was also the subject of penalties for toxic securities of uses, consumer protection violations, wage-and-hour violations, investor protection violations, and accounting fraud or deficiencies amounting to just over 1 billion dollars in total penalties.

Fifth Third Bank was the subject of a nine-year-old lawsuit saying that they misled consumers about the interest rates for cash advance loans. This lawsuit says that Fifth Third Bank violated the truth in lending rules and breached their loan agreement.

Fifth Third Bank settled for 5.2 million dollars over a class action lawsuit regarding non Fifth Third Bank ATM fees levied against accounts when balance inquiries were made. Fifth Third Bank maintains that they didn’t do anything wrong and they were not outside of their contract to charge these fees, but they settled nonetheless.

Fifth Third Bank was the subject of a class action lawsuit regarding secretly recording phone calls with business owners without their consent. Fifth Third Bank agreed to pay 50 million dollars in an Illinois federal court case, an amount that is 3 times larger than previous settlements for the same invasion of privacy Acts. Fifth Third Bank hired telemarketing companies to sell credit cards and debit card payment processing services to businesses and recorded the calls without disclosing that they were doing so.

Fifth Third Bank was the subject of a class-action lawsuit about Early Access Loans. The plaintiffs claimed that Fifth Third Bank misrepresented the annual percentage interest rate for these loans and charged them higher than what was agreed upon. There are allegations of TILA violations and a breach of contract.