| Fifth Third
Bank Lost Arbitration After Buying MB
& Celtic Now Settles in SDNY
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
June 14 – Fifth Third Bank
agreed to an arbitration about
Celtic Leasing Corporation,
which had been sold to MB
Financial Bank, N.A., which
Fifth Third was allowed to buy
through merger.
Then when
Fifth Third didn't like the
arbitrator's finding that it
violated the agreement between
MB and Celtic, it filed a
Federal case.
The case,
in the docket of the U.S.
District Court for the
Southern District of New York
where Inner City Press found
it, asks that the Court
"vacate the portion of the
Award that found that Fifth
Third breached."
On June 2, the
parties proposed to extend the
time to respond to the
Petition to July 3.
Now on June 14, a
settlement: "ORDER: On June 9,
2 021, the parties in the
above-captioned case informed
the Court that they had
reached a settlement in
principle. Accordingly, the
case is hereby dismissed with
prejudice, with leave to any
party to move within 45 days
from the date hereof to reopen
the case if the settlement is
not fully effectuated. SO
ORDERED. (Signed by Judge Jed
S. Rakoff on 6/14/2021)."
This case is
Fifth Third Bank, N.A. v.
Todd, 21-cv-4105
(Rakoff). Inner City
Press is also following an
ongoing case by the FDIC
against Fifth Third Bank,
watch this site.
***
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