Regions Bank Moves La. Fraud Suit To U.S. Court

Law360, New York (July 11, 2008, 12:00 AM EDT) -- Regions Bank and an affiliate investment adviser have removed to federal court a pension system's suit that claims they fraudulently promoted a risky open-end fund as safe and allowed the fund to be devastated by last summer's subprime mortgage collapse.

The defendants, both owned by Regions Financial Corp., filed a notice of removal Thursday in the U.S. District Court for the Middle District of Louisiana, transferring the suit there from Louisiana state court, where it was filed on June 12.

Louisiana's state-chartered Firefighters' Retirement System (FRS),...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.