Judge Takes Aim At Regions, Birmingham Bigwigs

Law360, New York (May 18, 2009, 12:00 AM EDT) -- An Alabama judge has taken on the role of shareholder activist, filing a derivative action against the highest executives and board of directors — including some of the biggest names in business in the state — at Regions Financial Corp. alleging that their mismanagement led to huge losses for the company and its investors.

In a lawsuit filed in the Jefferson County Circuit Court's civil division in Birmingham, Ala., Judge David N. Lichtenstein alleged that Regions President and CEO C. Dowd Ritter, along with the board...
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