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Shamblin v. Regions Financial

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This case is on behalf of a Class of all persons who were participants in or beneficiaries of the Regions Financial Corporation 401(k) Plan and the AmSouth Bancorporation Thrift Plan and the Morgan Keegan & Company Revised Profit Sharing and Retirement Plan (the Plans) whose accounts included investments in Regions Financial Corp. common stock and/or whose accounts included investments in the Regions Morgan Keegan Select Funds (RMK Select Funds), which underperformed and had high fees, and/or whose accounts included investments in the RMK Select Intermediate Bond Fund or the RMK Select High Income Fund (RMK Bond Funds), which lost substantial value because of over investment in high risk asset and mortgage backed securities and CDOs. The plaintiffs in this case allege that the defendants breached their fiduciary duties to the Plans' participants and beneficiaries by: -failing to prudently and loyally manage the Plans' assets held in Regions common stock; -failing to prudently and loyally manage the Plans' assets held in the RMK Select Funds and/or the RMK Bond Funds; -failing to provide complete and accurate information to the class; -failing to monitor fiduciaries; -co-fiduciary liability; and -engaging in prohibited transactions.

 

 

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