TUPELO — BancorpSouth Inc. and a group of shareholders have asked a federal judge in Tennessee to approve a settlement of a 2010 lawsuit.
The Northeast Mississippi Daily Journal reports the proposal was filed recently in U.S. District Court of Middle Tennessee in Nashville after “arm’s-length negotiations” between mediators for both parties.
The lawsuit was filed by Edward B. Winslow on behalf of himself and as many as 150,000 other shareholders.
The settlement calls for payment of $29.2 million by BancorpSouth.
Winslow claimed in the lawsuit that BancorpSouth and its leadership violated federal securities laws by issuing materially false and misleading statements regarding BancorpSouth’s business and financial results. BancorpSouth officials deny all of the allegations of wrongdoing.