Truist, Truliant Federal Credit Union settle trademark suit
A settlement has been reached in a trademark-infringement lawsuit tied to the largest bank merger in more than a decade.
Truliant Federal Credit Union had claimed that Truist Bank, the entity created following the merger of BB&T and SunTrust Banks, had infringed upon its name and that the new brand would create confusion among consumers, especially since the institutions are based in nearby markets.
Terms of the settlement have not been disclosed.
“We were able to resolve our differences to our mutual satisfaction,” Truliant said in a statement. “We are happy to put this matter behind us, and we look forward to resuming credit union business as usual.”
Truist issued a statement using similar language.
After Truliant filed its suit in June 2019, Truist struck back at the credit union’s claims, noting it did not have sole ownership of the “tru” prefix, which is utilized by more than two dozen financial institutions. It also indicated its logo would be different from that of the credit union, further reducing the likelihood of confusion. The credit union unsuccessfully sought an injunction in the matter.
Court documents filed this spring indicated Truist had already spent more than $125 million on the rebranding, and changing course would have cost an additional $34 million. The two banks completed their merger earlier this year.
Both institutions put forward studies regarding the possibility of confusion among consumers. A Truist survey pegged that figure at 3% or less.