CINCINNATI, Jan. 17, 2008 (PRIME NEWSWIRE) -- The class action Cincinnati law firm of Statman, Harris & Eyrich, LLC announces it is investigating SunTrust Banks, Inc. (NYSE:STI) ("SunTrust" or "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA") relating to the SunTrust Banks, Inc. 401(k) Plan (the "Plan").
In particular, this investigation focuses on whether Plan fiduciaries breached their fiduciary duties by failing to prudently manage the Plan's assets by, inter alia: (a) offering SunTrust stock as a Plan investment option, (b) permitting the Plan to be invested in SunTrust stock when it was imprudent to do so, and (c) encouraging investment in the SunTrust stock in the plan by withholding or concealing material business or financial results information from the Plan's participants and beneficiaries.
Current and former employees of SunTrust, who hold SunTrust stock in the SunTrust Banks, Inc. 401(k) Plan, may have a claim to recover losses in their retirement investment. If you are interested in protecting the value of your investment, you are encouraged to e-mail or call Jeffrey P. Harris, Esq. by telephone at (513) 621-2666 or (888) 876-7881, or via e-mail at jharris@statmanharris.com, without obligation or cost to you, for further information.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois, Cincinnati, Ohio, and Dayton, Ohio. www.statmanharris.com