Regions Financial Sued For Losses To Employee Plan

Law360 (April 1, 2008, 12:00 AM EDT) -- A former employee has filed a proposed class action against Regions Financial Corp., alleging that fiduciaries of the employee pension benefit plan imprudently invested in the company's stock while the company was not disclosing its large exposure to risky subprime mortgages.

The lawsuit was filed by former employee Terry Hamby on Tuesday in the U.S. District Court for the Western District of Tennessee. The suit seeks to recover losses under the Employee Retirement Income Security Act of 1974 to the Regions Financial Corporation–AmSouth Bancorporation Thrift Plan....
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