Regions Financial in Birmingham, Ala., has agreed to pay $90 million to settle a 2009 shareholder lawsuit over its acquisition of AmSouth Bancorp.
The settlement is subject to a judge's approval, the
The $121 billion-asset Regions denied investors' allegations that it misled them about its finances during its 2006 acquisition of AmSouth. Investors had argued that Regions' misleading information led to a false increase in its stock price between February 2008 and January 2009. The investors said they suffered losses as a result.
Regions officials said on Friday that have fully set aside reserves to cover the cost of the settlement.
