Fifth Third Plan Seeks To Settle Breach Of Fiduciary Duty Class Suit For $6M

(March 30, 2016, 2:26 PM EDT) -- CINCINNATI — The employee stock ownership plan (ESOP) fiduciaries in a class suit that went all the way to the U.S. Supreme Court have agreed to settle claims that they breached their fiduciary duties by paying $6 million to the plan to be allocated to participants and to provide several forms of nonmonetary relief, according to a motion for preliminary approval of settlement filed by the plaintiffs on March 15 in the U.S. District Court for the Southern District of Ohio (John Dudenhoeffer, et al. v. Fifth Third Bancorp, et al., No. 08-538, S.D. Ohio)....