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Violation Tracker Individual Record

Company: Truist Financial Corp.
Current Parent Company: Truist Financial
Penalty: $6,300,000
Year: 2024
Date: June 17, 2024
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: Truist agreed to pay over $6 million to settle litigation alleging that its precedessor BB&T wrongfully lowered the interest rate on high-yield money market accounts opened three decades earlier.
Level of Government: federal
Action Type: private litigation
Court: Eastern District of Tennessee
Civil or Criminal Case: civil
Case ID: 3:19-cv-00138
Case Name: Sevier County Schools Federal Credit Union et al v. Branch Banking and Trust Company
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.