The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of SunTrust Banks, Inc. (NYSE:STI) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at SunTrust Banks.
Investors who purchased shares of SunTrust Banks, Inc. (NYSE:STI) and currently hold any of those NYSE:STI shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain SunTrust Banks officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
SunTrust Banks, Inc. reported that its Net Income declined from over $1.95 billion in 2012 to over $1.34 billion in 2013. Shares of SunTrust Banks, Inc. (NYSE:STI) grew from $27.55 per share in March 2013 to as high as $40.76 per share on July 3, 2014, per share.
On July 3, 2014, SunTrust Banks, Inc. (NYSE:STI) announced that the United States Attorney’s Office for the Western District of Virginia and SunTrust Mortgage, Inc. have reached an agreement resolving claims related to the company’s administration of the federal Home Affordable Modification Program (HAMP). The investigation was previously disclosed by SunTrust Banks, Inc. (NYSE:STI) beginning in August 2013.
SunTrust Banks, Inc. said that under the agreement, SunTrust Mortgage is committed to provide $179 million in consumer remediation (up to a maximum of $274 million), $20 million to fund housing counseling for homeowners, $10 million paid toward restitution to the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and a cash payment of $16 million to the United States Treasury. SunTrust Banks, Inc. also said that the company will incur a$204 million pre-tax charge in the second quarter of 2014 as a result of this agreement.
Those who purchased shares of SunTrust Banks, Inc. have certain options and should contact the Shareholders Foundation.
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