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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!