2nd Circ. Nixes Fraud Action Over Regions-AmSouth Deal

Law360, New York (August 23, 2011, 2:28 PM EDT) -- The Second Circuit on Tuesday affirmed the dismissal of a securities class action against Regions Financial Corp. over its 2006 purchase of AmSouth Bancorp., ruling that statements Regions made about the target's assets were merely opinions and not knowingly false.

The ruling affirmed U.S. District Judge Lewis A. Kaplan's May 2010 dismissal of named plaintiff Alfred Fait's suit claiming a 2008 investment in AmSouth-issued securities relied on misleading statements made by Regions that estimated the merger added more than $6 billion to its bottom line....
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