Regions Escapes Suit Over 'Misleading' $345M Offering

Law360, New York (May 11, 2010, 5:36 PM EDT) -- A federal judge has dismissed a putative class action filed against Regions Financial Corp. on behalf of investors who participated in a $345 million offering that relied on allegedly misleading financial statements related to the bank's acquisition of AmSouth Corp.

Even though Regions may have overestimated the value of the AmSouth assets, the company did not do so deliberately or recklessly, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York ruled Monday, granting Regions' motion to dismiss.

“Those assets...
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