Virginia Hafkey v. Fifth Third Bank
A claim against Fifth Third Bank for constructive fraud and other grounds for the manner in which they invested and maintained a trust. The lawsuit stemmed from the creation of an Irrevocable trust by an individual for her two daughters is 1993. The purpose of the trust was to provide financial security in case of an emergency and the goal of the trust was to preserve capital and produce income. Never were the goals speculation or aggressive growth. Because Fifth Third Bank did not diversify the Trust, it suffered a substantial loss and made promises to a very unsophisticated client to whom was owed fiduciary duties. Those duties were then breached in furtherance of Fifth Third Bank’s own interests.
