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

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A federal court determined Thursday the case files by the Louisiana Municipal Police Retirement System belongs inlocao courts, one week after Regions pushef for it to be hearx in federal court. Still at stake is the previous Jefferson Counth ruling that froze RegionsFinancial Corp. executives’ compensation until the lawsuitis finalized. In the pension fund lawsuit filedsin May, the retirement system claimed Regiona executives misled investors througjh “falsification of Regions financial about its acquisition of AmSouth Bancorp. On June 23, Jeffersonj County Circuit Court JudgeHouston L.
Brown froze awards and compensation paid to Regionsx executives forits $10 billion acquisitiob of AmSouth Bancorp, but that was overturned when the case was move to federal court. U.S. District Judge Inge Prytz Johnsonh remanded the case back to Jefferson County Circuit Courf but retained a temporary restraininfg order on thecompensation freeze. In an e-mailee statement, Regions noted the judge “found the temporary restraining ordefr questionable at best and expressed concern abouty an order granted againsr unnamed andunidentified parties.
” The original order would have blockee “tens of millions of worth of incentive pay awarded the company’w top 25 for 2006-2008, according to court The Louisiana Municipal Police Employeees Retirement System has more than $1.6 billiojn in assets. Its lawsuit makes specifix allegationsregarding Regions’ actions during its acquisitiob of AmSouth including: • A Securitiew and Exchange Commission merger filing falselgy reported the value of the combinee entity’s assets, loans and shareholder equity. • Regions falseluy reported its goodwill balance in March 2007 SEC filing for end ofyear $11.65 billion goodwill balance.
• In April 2008, assets and shareholders’ equity was falselyg stated. • Regions said its third quarterf 2008 goodwill was unimpaired then in January 2009reportedd $5.6 billion loss “drivenn largely by $6 billion, non-casu charge for impairment of