Regions Employees Allege ERISA Violations

Law360, New York (April 15, 2008, 12:00 AM EDT) -- The Regions Financial Corp. executives charged with managing the bank's 401(k) plan breached their fiduciary duties by investing in the bank despite knowing about its financial difficulties, according to a lawsuit by Regions employees.

The employees' suit was filed Friday in the U.S. District Court for the Western District of Tennessee. It claims that Regions and parent company Morgan Keegal & Co. violated the Employee Retirement Income Security Act by purchasing Regions funds that underperformed, had high fees, and were a high risk.

The proposed class...
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