SunTrust Workers Get Class Status in 401(k) Fee Case

A group of five SunTrust Bank Inc. workers can proceed as a class with their claims that the bank violated federal benefits law by allegedly offering high-fee, underperforming affiliated mutual funds in its 401(k) plan.

The representative workers who filed the lawsuit in 2011 meet the requirements to proceed as a class, Judge Orinda D. Evans of the U.S. District Court for the Northern District of Georgia held June 27. The class, which includes at least 30,000 participants in SunTrust’s retirement plan whose accounts were invested in affiliated mutual funds, will be divided into eight subclasses, one for each fund, ...