In his initial reaction, Corbyn rejected the overall conclusions, saying that the anti-Semitism problem within the party was "dramatically overstated for political reasons".
A damning report by the Equality and Human Rights Commission found the party was responsible for unlawful acts of harassment and discrimination.
Corbyn said he would "strongly contest" his suspension in a Twitter post, describing the move as a "political intervention".
His suspension sparked outcry among Jewish socialists, the Labour left and other left-wing campaigners.
Starmer said he accepted the EHRC's report "in full" and would implement all its recommendations.
The CCA has also made complaints against former Labour front-benchers such as Diane Abbott, Richard Burgon, and Barry Gardiner.
In one of his first acts after replacing Corbyn in April, Starmer apologised to Britain's Jewish community, and on Thursday he vowed to accept the entirety of the findings from the EHRC's two-year investigation.
Former UK Labour leader Jeremy Corbyn.
Corbyn stepped down as party leader in December after Labour had its worst general election showing since 1935.
But Ms Murphy wrote that they were not implemented - "despite assurances from the party headquarters and the then general secretary Iain McNicol".
Labour has faced allegations that anti-Semitism was allowed to fester under the 2015-2019 leadership of Jeremy Corbyn, a long-time supporter of Palestinians and a critic of Israel.
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The EHRC found significant evidence of "anti-Semitic conduct" on social media, including examples of Labour members expressing support for Hitler and diminishing the scale of the Holocaust.
The scars from Labour's years of infighting are still fresh, and prone to tear.
Corbyn conceded: "That combination hurt Jewish people and must never be repeated".
The Campaign Against Antisemitism, which referred Labour to the EHRC, had this morning submitted a complaint to Labour demanding action against Mr Corbyn. LOTO staff said that the complaint should be dismissed, stating that: "'The complaint itself seems to fall well below the threshold required for investigation and if so surely the decision to dismiss it can be taken now'". "This must be run by the party and not outsourced".
In the hours after the statement was released to the public, a Labour spokesman announced they had suspended him pending investigation.
"It's fundamentally wrong and needs to change", he said. "I've fought racism all my life and I will fight racism for the rest of my life, and as leader of the party I did everything I could to ensure we were an anti-racist party", he said.
"Despite the headlines and spin put on the EHRC report, we note that the contents overall would not support any such claim".
The watchdog found that the lack of training for people handling anti-Semitism complaints indirectly discriminated against Jewish members until August 2020, by which time Sir Keir Starmer was leader of the party.
"It is a massive attack on the left by the new leadership and it should be immediately lifted in the interests of party unity", Momentum co-chair Andrew Scattergood said. "And we'll make sure you're not".
In a statement he read aloud, Starmer continued, "On behalf of the Labour Party, I am truly sorry for all the pain and grief that has been caused".
Despite some early polls putting Labour more than 20 points behind the Tories, the party received its biggest election upsurge since 1945 and helped deprive Mrs May of a Parliamentary majority.