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’

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.

>>> SEE FULL STORY <<<

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

POST A COMMENT

 

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages