A shareholder sued KeyBank on Friday, claiming the Cleveland-based lender misled investors about its liquidity when it revised its projection for net interest income this year.
The bank adjusted its NII estimate to a range of 1% to 4% — from 6% to 9% — and told investors that marginal funding costs were increasing along with rising market interest rates, according to the complaint, filed in the U.S. District Court for the Northern District of Ohio.
