The board of directors of Regions Financial Corp is looking into allegations executives failed to timely disclose loans that were going into delinquency during the recent financial crisis.
Regions is the country’s fourth largest Banks and the only one of its size that has not re-payed the Troubled Assets Relief Program (TARP) money provided by the federal government when the banking system was near collapse.
In a separate matter, the SEC is still investigating whether Region’s investment banking unit defrauded investors by selling securities related to submprime mortgages without proper disclosure. Observers expect the SEC investigation to result in a substantial settlement without an admission of any wrong doing. The company is also still dealing with a SEC complaint, against its brokerage affiliate Morgan Keegan, regarding the marketing and sale of the firm’s proprietary bond funds.
If you have lost money in a Regions Morgan Keegan bond fund or other subprime related product, please contact our offices for a free case evaluation. Thank you.