8-KMaterial AgreementsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Nov 18, 2005)

Filed November 18, 2005For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) has filed an 8-K report on November 18, 2005, to disclose the final court approval of a settlement for a class-action lawsuit. This lawsuit, filed in 2003, alleged violations of federal securities laws related to disclosures made concerning the integration of Old Kent Financial Corporation and its impact on the company's infrastructure and controls. The settlement, approved by the United States District Court for the Southern District of Ohio on November 14, 2005, involved a total payment of $17 million from Fifth Third Bancorp, its insurer, and other parties to the class members. The company explicitly states that the financial impact of this settlement is not material to its operations.

Key Highlights

  • 1Fifth Third Bancorp has officially settled a class-action securities lawsuit filed in 2003.
  • 2The lawsuit centered on allegations of inadequate disclosures regarding the integration of Old Kent Financial Corporation.
  • 3The settlement was granted final approval by the U.S. District Court for the Southern District of Ohio on November 14, 2005.
  • 4A total of $17 million was paid by Fifth Third Bancorp, its insurer, and other parties to resolve the claims.
  • 5The company has stated that the financial impact of this settlement is not material to its financial position.
  • 6The filing includes exhibits detailing the Stipulation and Agreement of Settlement and its amendments, as well as the court's final judgment.

Frequently Asked Questions

The lawsuit alleged violations of federal securities laws. Specifically, it claimed that Fifth Third Bancorp made inadequate disclosures concerning the integration of Old Kent Financial Corporation and its impact on the bank's infrastructure, internal controls, and future prospects.

The lawsuit was settled. Fifth Third Bancorp, along with its insurer and other parties, agreed to pay a total of $17 million to the class members. The settlement received final approval from the U.S. District Court for the Southern District of Ohio on November 14, 2005.

Fifth Third Bancorp has explicitly stated in the filing that the impact of this settlement is not material to the company.

The settlement received final approval from the United States District Court for the Southern District of Ohio on November 14, 2005.