SunTrust Calls For Sanctions In Dismissed ARS Action

Law360, New York (October 28, 2009, 6:31 PM EDT) -- SunTrust Banks Inc. and a subsidiary are seeking sanctions after the dismissal of a proposed securities class action alleging the bank deceptively marketed auction rate securities and failed to disclose their risks.

SunTrust and SunTrust Robinson Humphrey Inc. put in a bid for compensation of reasonable attorneys’ fees and other expenses on Tuesday in the U.S. District Court for the Northern District of Georgia, claiming that the plaintiffs and their counsel brought the suit against SunTrust’s unit without any evidentiary support and lied about their ownership...
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