WINSTON-SALEM, N.C.–Truliant Federal Credit Union has filed a lawsuit against BB&T and SunTrust Banks as they plan to merge and form a new $28-billion bank to be called Truist. The credit union’s complaint alleges the new name is too similar sounding to its own.
The merged bank is to be headquartered in Charlotte, N.C., not far from Truliant’s headquarters and in a market in which the CU has worked to rapidly expand. The case has been filed in federal court in North Carolina.
In its compliant, Truliant is alleging, “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.”
BB&T and SunTrust “have taken advantage of and sought to trade upon the reputation and goodwill developed by Truliant,” the complaint adds.
In its suit Truliant is asking the court to stop BB&T and SunTrust from using the Truist name and further asking that it destroy any promotional materials, advertisements, brochures or other items using the word, according to a review of the complaint by Bloomberg.
Compensation Sought
Truliant, which was formerly AT&T Family FCU, is also asking for compensation for losses incurred from the banks’ use of the new name, punitive damages and reimbursement of legal fees.
In announcing their new name, reported by CUToday.info, BB&T and SunTrust said in separate statements that the two companies “conducted a rigorous process to research, select and secure the new name.”
According to Bloomberg, Truliant Federal Credit Union also holds trademarks on other terms similar to its name, including Truliances, Truceratops, Truism and more.