Fifth Third Wins Dismissal of Shareholder Suit

Skadden represented Fifth Third Bancorp in securing the dismissal of a shareholder derivative suit, which alleged that bank employees had engaged in misconduct with consumer accounts. On March 31, 2022, Judge Sara L. Ellis of the United States District Court for the Northern District of Illinois granted Fifth Third’s motion to dismiss, agreeing that the plaintiffs had failed to plead demand futility.