http://money.cnn.com/news/newsfeeds/articles/djf500/200801101246DOWJONESDJONLINE000932_FORTUNE5.htmJanuary 10, 2008: 12:46 PM EST
DOW JONES NEWSWIRES
The Department of Labor Thursday said it has sued Fifth Third Bancorp (FITB), a Cincinnati bank operator, to recover losses from property sales suffered by a union pension fund.
The lawsuit, which also names Ohio-based Carey Milestone Advisors LLC as a defendant, alleges that Fifth Third mismanaged the sale of property owned by the Operating Engineer Local 324 Pension Fund of Troy, Mich.
The lawsuit, filed in U.S. District Court in Detroit, states that Fifth Third furnished an investment strategy, based on advice from Carey Milestone, to develop a property in Detroit.
Fifth Third reversed its development strategy and sold the property to Cavaliere Group (CVLG) for $4.5 million in 2004, after the plan had invested more than $28 million in the property, the Labor Department alleged.
A Fifth Third representative declined to comment.
Fifth Third shares recently traded up 32 cents, or 1.4%, at $23.48.
-Nicholas Hatcher; 201-938-5400; AskNewswires@dowjones.com