On March 9, 2020, the Consumer CFPB filed suit against Fifth Third Bancorp, alleging the bank had opened unauthorized accounts between 2008 and 2016. The complaint also alleges that Fifth Third knew this was happening but didn’t do enough to stop it or to compensate consumers who were harmed.

According to the CFPB, the unauthorized activity included:

  • opening new deposit and credit card accounts
  • transferring funds from existing accounts to the new unauthorized accounts
  • enrollment in online banking services
  • activating new lines of credit

If you’ve ever banked with Fifth Third Bank, you may be affected.

Fifth Third Reveals Intended Enforcement Action by CFPB

Fifth Third Bancorp first revealed in its filing with the Securities and Exchange Commission on March 2, 2020 that the Consumer Financial Protection Bureau intended to file an enforcement action regarding alleged unauthorized account openings.

When the CFPB filed suit on March 9, Fifth Third said the suit was “unnecessary and unwarranted.” Our firm is investigating the extent to which consumers may have been harmed by Fifth Third.

Our Financial Fraud Attorneys

Eric Gibbs

A founding partner at the firm, Eric has negotiated groundbreaking settlements that favorably shaped laws and resulted in business practice reforms.

Amy Zeman

Amy has built a reputation in the plaintiffs’ bar for delivering results to consumers and sexual assault survivors in class actions and mass torts.

Dave Stein

Dave represents clients in cases nationwide, ranging from securities and financial fraud cases to product liability, privacy, and data breach suits.

Amanda Karl

Amanda represents employees, consumers, and sexual assault survivors in complex class actions. She also leads the firm’s Voting Rights Task Force.

Our Results in Financial Fraud Cases

H&R Block $19.4 million for consumers who were misled about the benefits and fees associated with Express IRAs
American Fair Credit Association (AFCA) $40 million settlement for members of the AFCA who were misled about credit repair programs
Chase Bank $100 million for Chase Bank customers after unilateral modifications to loans more than doubled their monthly payments
American Express $100 million for clients who received services from American Express Financial Advisors

About Gibbs Law Group

Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”