Fifth Third Sues First Horizon

Updated from 12:34 p.m. EST

Fifth Third(FITB Quote) is suing First Horizon National(FHN Quote) for scrapping a deal to sell nine Atlanta branches to the Midwest bank.

Fifth Third filed a complaint on Friday in the U.S. District Court of Southern District of Ohio, Western Division of Cincinnati, which was disclosed by the Cincinnati-based bank on Friday afternoon.

The bank claims that less than a week before closing the deal, First Horizon had doubled the maximum price agreed upon for the branches after submitting a "pre-closing date balance sheet," according to the complaint. First Horizon had entered the higher price because it claimed that the agreed upon transaction did not include most of the branches loans, when in fact it did, according to Fifth Third. Neither purchase price was disclosed in the complaint. ...