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SunTrust Banks, Inc. : Auction Rate Securities Summary: A Motion to Dismiss for Failure to State a Claim was filed on May 13, 2008, by SunTrust Banks.
According to a press release dated April 2, 2008, the Complaint alleges that SunTrust violated the securities laws by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities traded. Auction Rate Securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction Rate Securities generally have long-term maturities or no maturity dates.
The Complaint alleges that, pursuant to uniform sales materials and/or top-down management directives, SunTrust offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, those who now hold Auction Rate Securities sold by SunTrust cannot liquidate their positions since the auction market for these securities has collapsed.
INDUSTRY CLASSIFICATION:
SIC Code: 6021
Sector: Financial
Industry: Regional Banks
| COMPANY/ISSUER NAME: | SunTrust Banks, Inc. |
| COMPANY/ISSUER TICKER: | STI |
| COMPANY WEBSITE: | http://www.suntrust.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Martin Zisholtz, et al. v. SunTrust Banks, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 4/2/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/13/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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