A federal judge approved the proposed $4.7 million settlement of a class-action lawsuit by participants in the SunTrust Banks Inc. 401(k) Savings Plan claiming the Atlanta-based bank violated provisions of the Employee Retirement Income Security Act.
U.S. District Judge Richard W. Story entered the final approval order following a fairness hearing in U.S. District Court for the Northern District of Georgia on June 28.
The plan is a defined contribution retirement plan sponsored by SunTrust to…
