WASHINGTON (Reuters) - SunTrust Banks Inc (N:STI) 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."