SunTrust Investment Services discrimination $14M class action settlement

SunTrust Investment Services agreed to a $14 million settlement to resolve claims it discriminated against Black employees.

The settlement benefits financial advisors who worked for SunTrust Investment Services between June 24, 2014, and Feb. 17, 2021, and self-identified as African American or Black.

Plaintiffs in the class action lawsuit claim SunTrust Investment Services discriminated against Black and African American financial advisors by paying them “significantly less” than their non-Black counterparts. According to the class action lawsuit, racial disparities at the company stem from intentional discrimination and systematic policies.

SunTrust Investment Services was an investment company that closed in 2019 after SunTrust merged with BB&T to form Truist Financial.

SunTrust hasn’t admitted wrongdoing but agreed to a $14 million settlement to resolve the discrimination class action lawsuit.

Under the terms of the SunTrust settlement, class members can receive a settlement payment of at least $25,000. Actual payments “will be determined using a claims resolution process that allows for the individualized assessment of” class members’ claims.

The monetary award will have tax consequences, so class members may wish to consult a tax professional.

The deadline for exclusion and objection was Dec. 26, 2023.

The final approval hearing for the settlement was held Feb. 1, 2024.

To receive a settlement payment, class members must submit a valid claim form by April 15, 2024.

Who’s Eligible

Financial advisors who worked for SunTrust Investment Services between June 24, 2014, and Feb. 17, 2021, and self-identified as African American or Black

Potential Award

$25,000

Proof of Purchase

N/A

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

04/15/2024

Case Name

Randle, et al. v. SunTrust Banks Inc., et al., Case No. 1:18-cv-01525-TJK, in the U.S. District Court for the District of Columbia

Final Hearing

02/01/2024

Settlement Website

SuntrustFASettlement.com

Claims Administrator

SunTrust Settlement
c/o Atticus Administration
PO Box 64053
St. Paul, MN 55164
SunTrustFASettlement@atticusadmin.com
888-262-9393

Class Counsel

Linda D Friedman
Suzanne E Bish
George S Robot
STOWELL & FRIEDMAN LTD

Defense Counsel

Elena D Marcuss
Jonathan P Harmon
William E Doyle Jr
MCGUIREWOODS LLP