September 14, 2017 / 3:57 PM / 6 months ago

SunTrust to pay more than $1.1 million to settle U.S. charges over investment fees

WASHINGTON (Reuters) - SunTrust Banks Inc (STI.N) has agreed to pay more than $1.1 million to settle U.S. charges that its investment subsidiary had improperly collected avoidable fees from clients, the U.S. Securities and Exchange Commission said on Thursday.

    In a statement, the SEC said it had charged the Atlanta-based investment services unit for “improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available.”

    Writing by Susan Heavey; Editing by Chizu Nomiyama

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