That looks like an easy task for a luggage repair shop, if you can find one nearby. As a buddy says on another forum, a guitar case is rally just specialized luggage. It appears that the pin acting as a shaft for the latch has sheared off one end. If you are a handy guy maybe you could fix it yourself?
I've always felt that the fifth latch was completely redundant, except maybe for jumbo cases, and is often overlooked when opening my cases. Other brand name and generic hard cases do just fine with four latches.