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BancorpSouth Pays $29M To Put Investor Suit To Rest

Law360, New York (July 9, 2012, 9:48 PM EDT) -- BancorpSouth Inc. agreed Monday to pay $29.3 million to resolve a putative shareholder class action that alleged the company hid details about its hemorrhaging loan portfolio with false financial statements that artificially inflated its stock price.

The deal comes six months after U.S. District Judge Kevin H. Sharp refused to toss the suit, agreeing with a magistrate judge's assessment that plaintiff Edward Winslow had pled enough facts to counter BancorpSouth's motion to dismiss the case.

“Given the complexities of this litigation, the amount in controversy and the substantial risks of continued litigation, co-lead counsel believe the settlement represents an excellent resolution...

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Tennessee Middle

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Securities/Commodities

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Date Filed

May 11, 2010

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