Court Grants Preliminary Approval in Regions Morgan Keegan Settlement Regarding ERISA Customer Plans

MEMPHIS, Tenn., Aug. 4, 2014 /PRNewswire/ -- The following statement is being issued by Keller Rohrback L.L.P. and Feinstein Doyle Payne & Kravec, LLC regarding the In re Regions Morgan Keegan ERISA Litigation.

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF TENNESSEE

IN RE REGIONS MORGAN KEEGAN ERISA LITIGATION, Case No. 2:09-md-02009-SHM, NOTICE OF SETTLEMENT OF ERISA CLASS ACTION, FAIRNESS HEARING AND MOTION FOR ATTORNEYS FEES AND EXPENSES, (Customer Plans Settlement Subclass)

This Document Relates to: In re Regions Morgan Keegan ERISA Litig., No. 2:08-cv-2192-SHM-dvk,

To All Members of the Following Subclass:

All participants, beneficiaries, and fiduciaries of employee benefit plans governed by Part 4 of Title I of the Employee Retirement Income Security Act ("ERISA") as to which Regions Bank, whether in its own name or doing business as "Regions Morgan Keegan Trust," either (i) provided trustee, custodial, investment management or investment advisory services or (ii) otherwise provided access to a platform of investments, and had any assets invested in any of the RMK Bond Funds during the period from November 9, 2006 through July 29, 2008 inclusive (the "Customer Plan Subclass Period"). The "RMK Bond Funds" include the RMK Advantage Income Fund; RMK High Income Fund; RMK Multi-Sector High Income Fund; RMK Strategic Income Fund; RMK Select High Income Fund; RMK Select Intermediate Bond Fund; and RMK Select Short Term Bond Fund. The Customer Plans Settlement Subclass does not include any employee benefit plan sponsored by Regions Financial Corporation or any present or former subsidiary or affiliate.

PLEASE READ THIS NOTICE CAREFULLY. THIS IS A COURT ORDERED LEGAL NOTICE

A Settlement has been preliminarily approved by the federal court in a class action lawsuit alleging breaches of fiduciary duties under ERISA, in connection with the employee benefit plans identified above. The terms of the Settlement are contained in the Class Action Settlement Agreement ("Settlement Agreement"), dated December 18, 2013 and the Customer Plan Settlement Subclass Notice, both of which are available at www.RMKERISASettlement.com or as further indicated below. Capitalized terms used in this Notice and not defined herein have the meanings assigned to them in the Settlement Agreement.

The proposed Settlement provides for a payment of $22.5 million to settle all Released Claims against all Defendants. As explained in the Settlement Agreement, 10.667% of the Class Settlement Amount (approximately $2.4 million) is allocated to the Customer Plans Settlement Subclass, with the remainder of the Class Settlement Amount allocated to the three In-House Plans Settlement Subclasses (involving Plans sponsored by Regions Financial Corporation), which are also being settled under the Settlement Agreement. The proceeds, net of expenses described in the Settlement Agreement (which include notice and administrative expenses, Court approved attorneys' fees and litigation expenses and Named Plaintiff Case Contribution Awards, taxes and other costs related to Settlement administration) will be allocated to the Customer Plans in accordance with a Plan of Allocation approved by the Court.

Your Customer Plan does not need to submit a claim or take any other action unless you wish to object to the Settlement or your Customer Plan wishes to elect to be excluded (opt-out) from the Settlement.

The United States District Court for the Western District of Tennessee (the "Court") authorized this Notice.

IF YOU ARE A MEMBER OF A SETTLEMENT SUBCLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT.

Additional information about the proposed Settlement is provided in a Customer Plans Settlement Subclass Notice that has been mailed to the Plan Administrators of the Customer Plans in the Customer Plans Settlement Subclass. The Notice explains how Subclass members can object to the Settlement and how Customer Plans can elect to be excluded (opt-out) from the Settlement. The Customer Plans Settlement Subclass Notice and the entire Class Action Settlement Agreement are available at www.RMKERISASettlement.com.

In addition, Plaintiffs' Co-Lead Counsel have established a toll-free number, (877) 940-0108, and email address, [email protected], to assist in answering questions about the Settlement and to provide copies of the Customer Plans Settlement Subclass Notice if you did not receive one.

You may also contact Plaintiffs' Co-Lead Counsel in writing at:

Derek W. Loeser
KELLER ROHRBACK L.L.P.
1201 Third Avenue, Suite 3200
Seattle, WA 98101

Ellen Doyle
Feinstein Doyle Payne & Kravec, LLC
1705 Allegheny Building
429 Forbes Avenue
Pittsburgh, PA 15219

Please do not direct questions to the Court, Regions or to Defense Counsel. They will not be able to help you.

DATED: June 23, 2014                                                  

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TENNESSEE

SOURCE Source: Keller Rohrback L.L.P. and Feinstein Doyle Payne & Kravec, LLC