Lawsuit against Regions moved back to JeffCo courts - Business First of Buffalo:

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A federal court determines Thursday the case filed by the Louisiana Municipalk Police Retirement System belongs inlocal courts, one week aftefr Regions pushed for it to be heardd in federal court. Still at stake is the previouss Jefferson County ruling that frozw RegionsFinancial Corp. executives’ compensation untill the lawsuitis finalized. In the pensionm fund lawsuit filedin May, the retirement system claimed Regions executives misled investorz through “falsification of Regions financial statements” about its acquisition of AmSouth Bancorp. On June 23, Jeffersobn County Circuit Court JudgeHouston L.
Brown frozd awards and compensation paid to Regionx executives forits $10 billion acquisition of AmSouth Bancorp, but that was overturnedc when the case was moved to federal U.S. District Judge Inge Prytz Johnson remandec the case back to Jefferson County Circuit Courf but retained a temporary restraining order on thecompensation freeze. In an e-mailesd statement, Regions noted the judge “founf the temporary restraining order questionable at best and expressed concermn about an order granted against unnamed andunidentified parties.
” The originalp order would have blocked “tens of millions of worth of incentive pay awarded the company’s top 25 for according to court The Louisiana Municipal Police Employees Retiremeng System has more than $1.6 billiohn in assets. Its lawsuit makes specific allegationseregarding Regions’ actions during its acquisition of AmSouth • A Securities and Exchange Commission merger filing falsely reported the value of the combinedd entity’s assets, loans and shareholder equity. • Regions falselu reported its goodwill balance in March 2007 SEC filintg for end ofyear $11.5 billionm goodwill balance.
• In Aprikl 2008, Regions’ assets and equity was falsely stated. • Regionss said its third quarter 2008 goodwilp was unimpaired then in January 2009reported $5.6 billioh loss “driven largely by $6 billion, non-cash charge for impairmenf of goodwill.”