SunTrust Strikes Deal In $14.8M ARS Fight

Law360, New York (April 14, 2011, 2:28 PM EDT) -- SunTrust Bank and its SunTrust Robinson Humphrey Inc. broker-dealer and investment unit on Tuesday announced the settlement of a holding company's suit in Florida claiming the bank sold it $14.8 million in bad auction-rate securities.

Terms of the settlement between the bank and Hialeah, Fla.-based plaintiff U.S. Holdings Inc. were not disclosed, but the parties told the U.S. District Court for the Southern District of Florida that they were in the process of finalizing it.

In its operative complaint, lodged in May, U.S. Holdings claimed SunTrust...
To view the full article, register now.