Regions Financial Corporation Securities Litigation Website
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Welcome to the Regions Financial Corporation Securities Litigation Website

This website has been established to provide general information related to the Regions Financial Corporation ("Regions") Securities Litigation.

This is a federal securities class action that is pending before the Honorable Judge Inge Prytz Johnson in the United States District Court for the Northern District of Alabama, Southern Division ("District Court"). Defendant Regions is a U.S. bank and financial services company. Regions provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services.

On October 20, 2010, an action entitled Local 703, I.B. of T. Grocery and Food Employees Welfare Fund v. Regions Financial Corporation, et al., Case No. CV-10-J-2847-S was filed in the District Court on behalf of the purchasers of Regions common stock between February 27, 2008 and January 19, 2009, inclusive. The Lead Plaintiffs and Class Representatives, District No. 9, I.A. of M. & A.W. Pension Trust and Employees’ Retirement System of the Government of the Virgin Islands, allege in their amended complaint, filed on February 28, 2011, that defendants made materially false and misleading statements and omissions about the quality of Regions’ loans, the adequacy of its loan loss reserves, and the value of its goodwill. Lead Plaintiffs further allege that these materially false and misleading statements and omissions caused Regions common stock to trade at artificially inflated prices, in violation of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Lead Plaintiffs allege that, before the market opened on January 20, 2009, Regions announced that it was reporting a net loss of $5.6 billion for the fourth quarter, “largely driven by a $6 billion non-cash charge for impairment of goodwill,” in addition to an increase in loan loss reserves. Lead Plaintiffs further allege that, on this news, Regions’ stock fell as the truth of defendants’ fraud was revealed to the market, causing Class Members to suffer damages.

The defendants deny all of the allegations of wrongdoing asserted in the action and deny any liability whatsoever to any member of the Class. Specifically, the defendants assert, among other things, that Regions’ loan loss reserves and goodwill calculations were appropriate and that any decline in the value of Regions stock was attributable to the historic economic crisis that impacted all financial institutions.

Defendants moved to dismiss Lead Plaintiffs’ amended complaint, and that motion was denied on June 7, 2011. Fact discovery is complete, and expert discovery is now ongoing. The District Court has not ruled on the merits of Lead Plaintiffs’ claims or defendants’ defenses.

According to the District Court's order, you are a Class Member if you fit the description:

All persons or entities who, between February 27, 2008, and January 19, 2009, purchased or otherwise acquired the common stock of Regions, and were damaged thereby. Excluded from the Class are current and former defendants, members of the immediate family of any current or former defendants, the directors, officers, subsidiaries and affiliates of Regions, any person, firm, trust, corporation, officer, director, or other individual or entity in which any current or former defendant has a controlling interest, and the legal representatives, affiliates, heirs, successors-in-interest or assigns of any such excluded party.

The District Court has also appointed the following law firms as Class Counsel for those Class Members who stay in the lawsuit: Robbins Geller Rudman & Dowd LLP; Ward & Wilson, LLC; Roger Bedford & Associates, P.C.; Moore, Berry & Linville, P.C.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement, Motion for Attorneys' Fees and Settlement Hearing, Stipulation of Settlement, and Notice of Pendency of Class Action which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM The only way to get a payment. Proof of Claim forms must be postmarked or submitted online on or before September 9, 2015.
EXCLUDE YOURSELF Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims in this case. Exclusions must be received on or before August 19, 2015. IF YOU REQUESTED EXCLUSION FROM THE CLASS IN CONNECTION WITH THE NOTICE OF PENDENCY OF CLASS ACTION YOU RECEIVED EARLIER THIS YEAR, DO NOT EXCLUDE YOURSELF AGAIN.
OBJECT Write to the Court about why you do not like the Settlement, the Plan of Distribution, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class. Objections must be received by the Court and counsel on or before August 18, 2015.
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before August 18, 2015.
DO NOTHING Get no payment. Give up your rights. You will remain a member of the Class.

DEADLINES

Deadline to Submit Proof of Claim: September 9, 2015
Request Exclusion from Class: August 19, 2015
File Objection to the Settlement: August 18, 2015
Court Hearing on Fairness of Settlement: September 9, 2015 at 10:00 a.m.