May 29, 2019 / 9:59 PM / 3 months ago

6th Circuit offers plaintiffs second chance in Fifth Third Bank loan fees lawsuit

A federal appeals court has revived a proposed class action accusing Ohio-based Fifth Third Bank of breach of contract for advertising its short-term loans as having an annual interest rate of 120 percent when rates could actually reach as high as 3,650 percent.

U.S. District Judge Michael Barrett in Cincinnati had dismissed the lawsuit in 2015, saying the bank did not breach its contract because it unambiguously disclosed the way it calculated rates on the loans.

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