A U.S. appeals court ruled in favor of Regions Financial Corp (RF.N) on Tuesday in an investor lawsuit over its acquisition of AmSouth Bancorp. The lawsuit sought to hold Regions and other defendants liable for alleged misstatements on goodwill and loan reserves in a registration statement following the acquisition. The U.S. 2nd Circuit Court of Appeals affirmed a lower court's ruling that Regions' statements were opinions, which were not alleged to have falsely represented its beliefs at the the time. The case stemmed from the crisis in the housing and residential mortgage markets that started to take hold around the time that Regions acquired AmSouth in 2006. The problems were particularly pronounced in Southern states, where AmSouth had invested heavily in the real estate market.
Regions Financial Corporation (Regions) is a financial holding company. Shares of RF traded higher by 2.71% or $0.105/share to $3.98. In the past year, the shares have traded as low as $3.84 and as high as $8.09. On average, 21638500 shares of RF exchange hands on a given day and today's volume is recorded at 10021078.
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