Truist Bank Agrees To Pay $9.13M To Settle Allegations Related To SunTrust Bank's Trust Account Administration Between 2011 And 2015
Portfolio Pulse from Benzinga Newsdesk
Truist Bank has agreed to pay $9.13 million to settle allegations related to SunTrust Bank's trust account administration issues from 2011 to 2015. This settlement resolves claims under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) following SunTrust's acquisition by BB&T and subsequent rebranding as Truist.
October 21, 2024 | 7:05 pm
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Truist Financial Corporation (TFC) is paying $9.13 million to settle allegations related to SunTrust Bank's trust account administration issues from 2011 to 2015. This settlement resolves FIRREA claims following SunTrust's acquisition by BB&T and rebranding as Truist.
The settlement involves a significant financial penalty for Truist Financial, which may negatively impact short-term investor sentiment. The legal resolution pertains to past issues from SunTrust, now part of Truist, highlighting potential risks in legacy operations.
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