LOS ANGELES, June 19, 2008 (LAWFUEL) — Liner Yankelevitz
Sunshine & Regenstreif LLP (“LYS&R”) has commenced an investigation
relating to Suntrust Banks, Inc. (“Suntrust” or the “Company”) and
potential violations of the Employee Retirement Income Security Act of
1974 (“ERISA”). The investigation centers on investments in Suntrust
stock in the Suntrust Banks, Inc. 401(k) Plan (the “Plan”).
LYS&R’s investigation focuses on concerns that Suntrust and the Plan’s
fiduciaries may have breached their fiduciary duties of loyalty and
prudence to the Plan’s participants. A breach may have occurred if the
fiduciaries failed to prudently manage the Plan’s assets by, among
other things, offering Suntrust stock as a Plan investment option,
requiring participants to invest in the stock, and/or investing and
holding Company contributions in the stock at a time when the stock was
not a suitable and appropriate investment option. A breach also may
have occurred if the fiduciaries withheld or concealed material
information from the Plan’s participants with respect to the Company’s
business, financial results, and operations, thereby encouraging
participants and beneficiaries to continue to make and maintain
substantial investments of Company stock in the Plan.
If you are a member of the Plan and would like to discuss this matter
or provide information relevant to our investigation, you may contact
any member of our team toll free at (866) 620-6722, or via e-mail at
classaction@linerlaw.com.
LYS&R is one of America’s leading law firms handling ERISA retirement
plan litigation. Our attorneys helped pioneer this field in the
Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the
first large-scale ERISA 401(k) cases filed. Visit our website at
www.californiaclassaction.com.
