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

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WASHINGTON, Sept 14 (Reuters) - SunTrust Banks Inc 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)