Regions: $300M in new legal losses is not likely
While Regions says it’s reasonably possible it could incur $300M in losses, it also is ‘reasonably possible it could incur no losses’
by Ted Carter
Published: August 28,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- White House hotel making comeback in Biloxi
- McCarthy hired as CFO of Mississippi Development Authority
- Guns OK inside Mississippi polling places, attorney general says
- State GOP chairman calls on McDaniel to hurry with challenge
- Fair cabins becoming more valuable, sources say
- MARTIN WILLOUGHBY — Tyler Raborn finds success and fulfillment with Raborn Media
- Three indicted, alleged to have embezzled from agency
- Cal-Maine strikes joint venture deal with Arizona company
- Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau