Supreme Court rules against Fifth Third Bank in closely-watched retirement case

Justices allow lawsuit to proceed

CINCINNATI - The U.S. Supreme Court has ruled against Fifth Third Bank in a case involving its retirement plan, which means employees can pursue claims that the bank acted irresponsibly by keeping retirement assets invested in company stock prior to a stock market crash in 2008.

Fifth Third shares to lost 75 percent of their value between 2007 and 2009, as a national subprime lending scandal caused banks to restate their loan values and recognize billions in losses. Fifth Third retirement plans lost tens of millions in value as Fifth Third shares plunged to less than $3 by January, 2009.

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