SunTrust Banks, Inc. Former & Current Employee Investigation

If you are a former or current employee or are a member of any of SunTrust Banks, Inc. (NYSE: STI) investment plans or profit sharing retirement plans and purchased or held Suntrust Banks stock. (NYSE: STI) in one of those plans during the periods July 22, 2008 to January 21, 2009 or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. immediately!

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
SunTrust Banks
Affected Securities: 
NYSE: STI

According to a press release there is currently an ongoing investigation on behalf of former and current employees of SunTrust Banks, Inc. (NYSE: STI) concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty.

SunTrust Banks, Inc. (NYSE: STI) has been accused of securities and according to a press release under ERISA employees (former and current) of SunTrust Banks, Inc. (NYSE: STI) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. The Fiduciary duty refers to a company’s responsibility to the people who invest in it and if an employer puts the company’s interest ahead of the investors’, it has broken its fiduciary duty., so the investigation. ERISA, so the press release, is a federal law that sets minimum standards for pension and health plans set up by private businesses and ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company.

On Friday, March 06, 2009 an investor in SunTrust Banks, Inc (NYSE: STI) shares has filed a proposed securities class action lawsuit in the United States District Court for the Northern District of Georgia on behalf of purchasers of SunTrust Banks, Inc. publicly traded securities (NYSE: STI) during the period between July 22, 2008 and January 21, 2009 against SunTrust Banks, In and certain of its officers and directors with alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges that SunTrust Banks, Inc (“SunTrust”) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 22, 2008 and January 21, 2009 false and misleading statements about SunTrust’s financial results and conditions. The plaintiff alleges among other things, that SunTrust was not as well capitalized as represented, and, notwithstanding the $3.5 billion the Company received on November 17, 2008 from the Troubled Asset Relief Program, SunTrust announced that it would have to raise an additional $1.4 billion in TARP funds just three weeks later. As SunTrust’s true condition slowly came to light in a series of write-downs, reserve increases and capital-raising, SunTrust’s stock price dropped from a high of over $59 per share between July22, 2008 and January 21, 2009 to less than $14 per share, so the lawsuit.