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Try to generate a self-signed certificate and simulate the same environment. If the PEAP could work with self-signed certificate and you can narrow down the problem scope and work on resolving it.Just my suggestionThanks
Installed the latest cumulative patch ver 5.0.0.21.7 and now WLC and ACS 5.0 could work without issues and could authenticate RADIUS Authentication like a champ.Thanks for the suggestion irabinow...REgards.