The fiduciaries of the 401(k) defined contribution retirement plans of SunTrust Banks, Inc. ("SunTrust" or the "Company") (NYSE: STI) may have breached their Employee Retirement Income Security Act of 1974 ("ERISA") mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the 401(k) Plans by failing to disclose the Company's true operating condition, including disclosures relating to SunTrust's subprime operations and the reliability of the Company's reported financial information. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.
If you held SunTrust stock in an individual account under any of the Company's 401(k) plans at any time since January 1, 2006, you may qualify for damages or remedies that may be awarded in a possible class action lawsuit. Please complete a SunTrust 401(k) Plan Complaint Form for a free evaluation.
SunTrust Bank. 401(K) ArticlesSunTrust 401k: The Credit Crisis Could Affect You
The trouble with retirement is that you only get one. One retirement, and one chance to save for it. So if the bottom drops out of your retirement portfolio, as may be the case for a lot of SunTrust investors holding SunTrust Banks Inc. 401(k) plans, you may have little opportunity to earn it back.
SunTrust Banks 401(k): Employee Benefits Could be at Risk
The recent fears of a looming recession in the US, together with the impact on global markets initiated by the sub-prime mortgage debacle, has brought forward another potential issue surrounding investment performance. This time, it's SunTrust Banks Inc. under the microscope.