SEC Lets SunTrust Off The Hook

Law360, New York (August 28, 2006, 12:00 AM EDT) -- The U.S. Securities & Exchange Commission has dropped its probe into SunTrust Banks Inc., refusing to take action against the bank for alleged accounting errors related to bad loans.

SunTrust revealed the news on Monday, marking the end of a nearly two year-old SEC investigation into the Atlanta-based institution.

Investigators recommended to the Commission that no enforcement action be taken against SunTrust.

“We are pleased with this outcome," said SunTrust Chairman and Chief Executive Officer L. Phillip Humann.

The probe was initially triggered after SunTrust revealed...
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