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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Judge intends to rule on McDaniel's challenge before general election
- Oxford’s FNC getting new headquarters
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- (UPDATE) I-20 partially closed as vehicle carrying hazardous materials burns
- Coast family wins $644K in tideland lawsuit against state
- Officials set hunting dates for birds; expands dove season by 20 days
- State’s MAGIC accounting system works, albeit with glitches
- Corps official: River needs larger ports, locks and dams
- C Spire, UM installing Wi-Fi network at Vaught-Hemingway Stadium