Regions Financial Corp.

In Re Regions Morgan Keegan ERISA Litigation is currently pending in the United States District Court Western District of Tennessee. The litigation is on behalf of a Class of all persons who were participants in or beneficiaries of the Regions Financial Corporation 401(k) Plan and the AmSouth Bancorporation Thrift Plan and the Morgan Keegan & Company Revised Profit Sharing and Retirement Plan (the “Plans”) whose accounts included investments in Regions Financial Corp. common stock. The case also includes those accounts that included investments in the Regions Morgan Keegan Select Funds (“RMK Select Funds”), which underperformed and had high fees, and/or whose accounts included investments in the RMK Select Intermediate Bond Fund or the RMK Select High Income Fund (“RMK Bond Funds”), which lost substantial value because of over investment in high risk asset and mortgage backed securities and CDOs.

Plaintiffs allege that during the Class Periods – May 1, 2003 to the present for the Excessive Fee Subclass and January 1, 2007 to the present for the Company Stock and Bond Fund Subclasses – Defendants breached their fiduciary duties to the Plans’ participants and beneficiaries by:

  • failing to prudently and loyally manage the Plans’ assets held in Regions common stock;
  • failing to prudently and loyally manage the Plans’ assets held in the RMK Select Funds and/or the RMK Bond Funds;
  • failing to provide complete and accurate information to the Class;
  • failing to monitor fiduciaries;
  • co-fiduciary liability; and
  • engaging in prohibited transactions.

On October 8, 2008, the Honorable Samuel H. Mays, Jr. consolidated the various pending ERISA cases and appointed Keller Rohrback L.L.P. as Interim Co-Lead Counsel. On March 9, 2010, Judge Mays issued an Order denying Defendants’ Motions to Dismiss on all disputed counts of Plaintiffs’ Consolidated Complaint. On April 22, 2011, a Scheduling Conference was held before Judge Mays, in which he set trial for March 18, 2013. On May 20, 2011, Plaintiffs filed the Third Amended Consolidated Class Action Complaint for Violation of ERISA.

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