Who is a Class Member
You are a member of the SunTrust Banks Retirement Plan ERISA Settlement if you were a participant in or beneficiary of the “SunTrust Banks, Inc. 401(k) Savings Plan (the “Plan”) at any time between May 15, 2007 and May 30, 2019, inclusive and whose accounts included investments in SunTrust common stock during that time period and who sustained a loss to their account as a result of the investment in SunTrust Stock.”
If you don’t qualify for this settlement, check out our database of other class action settlementsyou may be eligible for.
Your share of the settlement will depend on the investment in SunTrust Stock in your Plan account during the Class Period. You can view the specific details on how the settlement will be calculated in FAQ 8.
Proof of Purchase
SunTrust Banks Retirement Plan ERISA Settlement Notes
- In re SunTrust Banks, Inc. ERISA Litigation
- Case No. 1:08-cv-03384-RWS
- Pending in the U.S. District Court for the Northern District of Georgia, Atlanta Division
In July 2008, ten plaintiffs filed the first of several class action complaints against SunTrust Banks alleging claims for breach of fiduciary duty under ERISA. Specifically, the plaintiffs allege that SunTrust Banks, who were responsible for the investment of participants 401(k) Savings Plan failed to loyally manage the Plan’s investment in company securities by:
- continuing to offer SunTrust Stock as a Plan investment option when it was imprudent to do so;
- failing to provide complete and accurate information to Plan Participants regarding the SunTrust Bank’s financial condition; and
- maintaining the Plan’s pre-existing significant investment in SunTrust Stock when the stock was no longer a prudent investment for the Plan.
After numerous rounds of consolidation, amended complaints, motions for dismissal, and appeals, the parties reached a settlement.
SunTrust Banks continues to deny all liability with respect to the claims but agreed to settle the case. Complete details are provided in the Settlement Agreement. The Settlement Agreement and other related documents are available on the SunTrust Banks ERISA Settlement website.
Note: Because of the way ERISA operates, you cannot exclude yourself from the settlement. However, Class members may object to the terms of the SunTrust ERISA Settlement and must do so by May 14, 2019. Class members who wish receive benefits from the settlement do not need to do anything.
- 6/14/18: Objection Deadline
- 6/28/18: Final Hearing at 10:00 am ET* (class members do not need to attend this hearing in order to receive a slice of the settlement pie).
*Settlement Class Members who wish to speak at the hearing should check SunTrustERISASettlement.com to confirm that the date or time of the Hearing has not been changed.
- Mail: In Re SunTrust Banks, Inc. ERISA Litigation, C/O JND Legal Administration, P.O. Box 91343, Seattle, WA 98111
- Phone: 1-833-898-4008
- Mark K. Gyandoh of Kessler Topaz Meltzer & Check LLP
- Stephen J. Fearon Jr. of Squitieri & Fearon LLP
- Michael J. Klein of Stull, Stull & Brody