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Civil Plaintiff

Truist Bank Pays $9M to Settle Allegations Over SunTrust Accounts

Truist Bank (Truist), based in Charlotte, North Carolina, has agreed to pay the United States $9,125,000 to resolve claims under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).  These claims relate to the administration of certain trust accounts by SunTrust Bank (SunTrust) from December 2011 through December 2015. SunTrust was acquired by Branch Banking and Trust Company in December 2019, and the combined entity was renamed Truist.

“Our financial institutions occupy a special place of trust in our communities,” said U.S. Attorney Ryan K. Buchanan. “This settlement demonstrates our office’s commitment to hold accountable any bank that violates its fiduciary duties to beneficiaries, especially in situations involving vulnerable clients.”

Read more at Justice.

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