SunTrust Retiree Benefits Actions Consolidated

Law360, New York (September 3, 2009, 5:10 PM EDT) -- A federal judge has opted to consolidate three proposed class actions accusing SunTrust Banks Inc. and a handful of executives of investing employee retirement benefits in company stock despite substantial investment risks stemming from the bank's subprime-mortgage exposure.

Judge Beverly B. Martin of the U.S. District Court for the Northern District of Georgia on Wednesday decided to combine the Employee Retirement Income Security Act suits, saying they all involve common questions of law and fact.

“Consolidating these cases will serve the interest of judicial economy,” the...
To view the full article, register now.