Regions Agrees To $22.5M Deal In 401(k) Plan Class Action

Law360, New York (December 19, 2013, 3:30 PM EST) -- Regions Financial Corp. agreed to a $22.5 million class action settlement in consolidated litigation accusing Regions of keeping its stock as an employee retirement plan option even though the company's risky loan practices made it an imprudent investment, according to a Tennessee federal court filing Wednesday.

The plaintiffs' motion for preliminary approval of the deal, which covers four subclasses with varying allegations, said the case's complexity set it apart from other Employee Retirement Income Security Act fiduciary duty class cases and cited the litigation's complicated nature...
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