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SunTrust Workers Settle ERISA Row For $4.57M Post-Amgen

Law360 (March 12, 2018, 5:27 PM EDT) -- SunTrust Banks Inc. workers asked a Georgia federal judge on Friday to preliminarily approve a $4.75 million Employee Retirement Income Security Act settlement of class claims that the company improperly handled their retirement funds, acknowledging the litigation risks after the U.S. Supreme Court’s Amgen decision.

After nearly 10 years of litigation, the parties told the court that the proposed settlement yields substantial benefits to class members, particularly in light of "the risks of continued litigation and the possibility of an adverse outcome.”

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Case Title

In Re SunTrust Banks, Inc. ERISA Litigation


Case Number

1:08-cv-03384

Court

Georgia Northern

Nature of Suit

Labor: E.R.I.S.A.

Judge

Richard W. Story

Date Filed

October 31, 2008

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