Regions Financial Can't Shake ERISA 401(k) Suit

Law360, New York (March 11, 2010, 5:44 PM EST) -- Regions Financial Corp. has lost its bid to dismiss a putative class action accusing it and related fiduciaries of investing their employees' 401(k) retirement plan in the bank's funds and stock despite knowledge of the bank's poor financial health.

Judge Samuel Mays Jr. of the U.S. District Court for the Western District of Tennessee on Tuesday denied motions to dismiss the violating the Employee Retirement Income Security Act suit filed separately by Region and its co-defendants, a group that also includes Regions' parent Morgan Keegan &...
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