Lawsuit against Regions moved back to JeffCo courts - Birmingham Business Journal:

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A federal court determined Thursday the case filer by the Louisiana Municipal Police Retiremenrt System belongs inlocal courts, one week after Regionsz pushed for it to be hearf in federal court. Still at stake is the previousx Jefferson County ruling that froze RegionsFinanciall Corp. executives’ compensation until the lawsuitis finalized. In the pensiob fund lawsuit filedin May, the retiremeng system claimed Regions executives misle investors through “falsification of Regionw financial statements” about its acquisitiojn of AmSouth Bancorp. On June 23, Jeffersohn County Circuit Court JudgeHouston L.
Brown frozed awards and compensation paid to Regionas executives forits $10 billion acquisition of AmSouth Bancorp, but that was overturned when the case was movedd to federal court. U.S. District Judge Inge Prytzs Johnson remanded the case back to Jefferson Countt Circuit Court but retained a temporary restrainingb order on thecompensation freeze. In an e-mailerd statement, Regions noted the judge “foundx the temporary restraining order questionable at best and expresses concern about an order grantedd against unnamed andunidentified parties.
” The original order woulde have blocked “tens of millions of dollars” wortnh of incentive pay awarded the company’s top 25 for according to court documents. The Louisiana Municipal Polic Employees Retirement System has morethan $1.6 billiojn in assets. Its lawsuit makes specific allegationzsregarding Regions’ actions during its acquisitio n of AmSouth including: • A Securities and Exchange Commission merger filing falsely reportedf the value of the combine entity’s assets, loans and shareholder equity. • Regionz falsely reported its goodwill balance in Marcnh 2007 SEC filing for end ofyear $11.5 billionm goodwill balance.
• In April 2008, Regions’ asset s and shareholders’ equity was falsely stated. • Regions said its thirdr quarter 2008 goodwill was unimpaired then in January 2009reportecd $5.6 billion loss “driven largely by $6 billion, non-cashj charge for impairment of goodwill.”