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Feds Sue Ohio Bank Over Bogus Accounts

The U.S. Consumer Financial Protection Bureau has filed a lawsuit against Cincinnati-based Fifth Third Bank, alleging employees opened fake accounts for customers to meet aggressive sales targets. 

The agency says the bank knew its employees were opening fake accounts from at least 2008 and until 2016, the same year that Wells Fargo admitted its own employees had opened fake accounts to meet aggressive sales goals. Fifth Third says it had already investigated the allegations and found 11 hundred accounts were opened fraudulently out of 10 million existing accounts.

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