Truist Sued by Credit Union Over Banks’ New Name
Truist Sued by Credit Union Over Banks’ New Name
(Bloomberg) -- Truliant Federal Credit Union has a number of trademarks derived from its name: Truliances, Truceratops, Truism and more. Similar sounding to those words: Truist.
That’s also the name BB&T Corp. and SunTrust Banks Inc. chose as their new moniker when their $28 billion merger is complete. The combined bank will be based in Charlotte, North Carolina, not far from the Winston-Salem headquarters of Truliant, which filed a complaint Monday over the name.
BB&T and SunTrust knew Truliant uses the “Tru” prefix in its marketing, and the use of Truist is likely to confuse people into believing the banks’ products are licensed or endorsed by Truliant, the credit union said in the complaint, filed in federal court in North Carolina.
BB&T and SunTrust “have taken advantage of and sought to trade upon the reputation and goodwill developed by Truliant,” the credit union said.
Truliant is asking the court to stop BB&T and SunTrust from using the Truist name and order them to destroy any promotional materials, advertisements, brochures or other items using the word. The credit union is also asking for compensation for losses incurred from the banks’ use of the new name, punitive damages and reimbursement of legal fees.
BB&T and SunTrust said in separate statements that the two companies “conducted a rigorous process to research, select and secure the new name.” They declined to comment further on the complaint.
The case is Truliant Federal Credit Union v. SunTrust Banks Inc. and BB&T Corp., 19-cv-601, U.S. District Court, Middle District of North Carolina.
To contact the reporter on this story: Elizabeth Rembert in New York at erembert@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Joe Schneider
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