Home » NEWS » Banking & Finance » Regions: $300M in new legal losses is not likely

Regions: $300M in new legal losses is not likely

Birmingham-based Regions Financial Corp. says it could incur legal losses of up to $300 million on top of the $210 million it paid to settle fraud claims against investment brokerage subsidiary Morgan Keegan by Mississippi and other Southeastern states.

In its second quarter 10-Q filing with the U.S. Securities & Exchange Commission earlier this month, the publicly held banking company said the $300-million loss contingency is based on advice of counsel and assessment of available insurance coverage. “Regions establishes accruals for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable,” the $130.9-billion multi-state banking company says.


About Ted Carter

Leave a Reply

Your email address will not be published. Required fields are marked *