Regions Bank 2008 Annual Report Download - page 34
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In late 2007 and during 2008, Regions and certain of its affiliates were named in class-action lawsuits filed
in federal and state courts on behalf of investors who purchased shares of certain Regions Morgan Keegan Select
Funds (the “Funds”) and shareholders of Regions. The complaints contain various allegations, including claims
that the Funds and the defendants misrepresented or failed to disclose material facts relating to the activities of
the Funds. No class has been certified, and at this stage of the lawsuits Regions cannot determine the probability
of a material adverse result or reasonably estimate a range of potential exposures, if any. However, it is possible
that an adverse resolution of these matters may be material to Regions’ consolidated financial position or results
of operations. In addition, the Company has received requests for information from the SEC Staff regarding the
matters subject to the litigation described above.
Certain of the shareholders in these Funds and other interested parties have entered into arbitration
proceedings and individual civil claims, in lieu of participating in the class actions. Although it is not possible to
predict the ultimate resolution or financial liability with respect to these contingencies, management is currently
of the opinion that the outcome of these proceedings would not have a material effect on Regions’ consolidated
financial position or results of operations.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Executive Officers of the Registrant.
Information concerning the Executive Officers of Regions is set forth under Item 10. “Directors, Executive
Officers and Corporate Governance” of this Annual Report on Form 10-K.
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