Federal Judge Dismisses ERISA Stock-Drop Case Against SunTrust Banks Fiduciaries

Federal Judge Dismisses ERISA Stock-Drop Case Against SunTrust Banks Fiduciaries

ATLANTA - Fiduciaries of SunTrust Banks Inc.'s 401(k) plan did not breach their fiduciary duty of prudence under the Employee Retirement Income Security Act by retaining the plan's investment in company stock when the bank had exposure to subprime mortgage loan losses, a federal judge ruled Sept. 26 in granting the fiduciaries' motion to dismiss (In re: SunTrust Banks, Inc., ERISA Litigation, No. 1:08-cv-3384, N.D. Ga.; 2013 U.S. Dist. LEXIS 137954).

Find full version on lexis Advance®
Access this news story on lexis.com®