Regions Financial Corp. will pay $90 million to settle allegations that the bank misled investors about company accounting after its 2006 buy of AmSouth Bancorp. The shareholders alleged that because of Regions’ shoddy internal controls it was not until the bank came under increased scrutiny after its October 2008 government bailout that it admitted $6 billion in so-called goodwill asset estimates from the $10 billion AmSouth deal were seriously impaired. Stock prices fell sharply after the announcement on Jan. 20, 2009. Regions will pay $90 million into a settlement fund for investors who held stock from February 2008 to January 2009.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.