Since late 2016, the account fraud scandal at Wells Fargo has been well publicized. Responding to financial incentives put in place at the management level, bank employees created millions of accounts for bank customers without their knowledge or consent, resulting in many instances in the assessment of unearned, fraudulent fees. Wells Fargo has paid hundreds of millions of dollars in fines as a result, and faces a total loss of roughly three billion dollars.
Now, the Consumer Financial Protection Bureau has signaled that Fifth Third Bank may have been involved in a similar scheme of generating fraudulent accounts between 2008 and 2016, in violation of the Truth in Savings Act, Consumer Financial Protection Act, and other laws and regulations.
Westbrook Law PLLC is experienced in bringing class action lawsuits under circumstances in which a repeated practice violates consumer protection laws. If you banked with Fifth Third Bank at any time during the period from 2008 to 2016 and may have had one or more fraudulent accounts opened in your name, please contact us for a consultation.