A new Cook County class action has targeted Fifth Third Bank, asserting high-pressure sales tactics at the bank resulted in bank employees opening accounts and transferring funds without customers’ consent.
On April 29, attorneys with the firms of Werman Salas P.C., of Chicago, and Fitapelli & Schaffer LLP, of New York, filed suit in Cook County Circuit Court against the Cincinnati-based Fifth Third.
The complaint was filed on behalf of named plaintiff Joanne Zanni, of Lake Forest. According to the complaint, Zanni had been a Fifth Third customer from 2009 to 2020.
The complaint asserts Fifth Third had for years “conditioned employee-performance ratings and … continued employment” on the ability of managers and employees to meet “ambitious sales goals.”
The complaint asserts Fifth Third employed a “’cross-sell’ strategy” to boost earnings and holdings, essentially increasing the number of financial products and services each customer held and used.
The lawsuit alleges this pressure resulted in Fifth Third employees opening new accounts, credit cards, lines of credits and new online banking services for customers, without their knowledge or authorization.
The complaint notes Fifth Third sent a letter in January 2020 “to customers regarding the exposure of their personal information.” In that letter, Fifth Third allegedly revealed “former employees misused customers’ sensitive information dating back to June 2018.”
Fifth Third already faces multiple lawsuits in other courts, including an action filed by Consumer Financial Protection Bureau in March. The number of lawsuits could only continue to mount, as other law firms posted advertisements earlier this spring seeking lead plaintiffs to file class actions against Fifth Third.
The new Cook County class action asserts Fifth Third’s chief legal officer has “admitted that the fraudulent activities engaged in by Fifth Third’s employees has resulted in improper charges to customers of the bank.”
In the Cook County class action, the plaintiffs accuse Fifth Third of violating the Illinois Consumer Fraud Act, the Electronic Funds Transfer Act and the Fair Credit Reporting Act. The lawsuit also includes counts of conversion and unjust enrichment against the bank.
The plaintiffs are seeking unspecified damages, including “all recoverable compensatory, statutory and other damages” suffered by Zanni and the class of additional plaintiffs she seeks to represent, plus attorney fees.