Court Grants Preliminary Approval in Regions Morgan Keegan Settlement Regarding ERISA Regions 401(k) 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

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

SUMMARY PUBLICATION NOTICE OF SETTLEMENT OF ERISA CLASS ACTION, FAIRNESS HEARING AND MOTION FOR ATTORNEYS' FEES AND EXPENSES AND CASE CONTRIBUTION AWARDS

To: All Participants and Beneficiaries of the following three Subclasses:

(a) all Persons who were Participants in or Beneficiaries of the Regions Financial 401(k) Plan, the AmSouth Bancorp Thrift Plan and/or the Regions Financial Corporation 401(k) Plan at any time between January 1, 2007 and December 31, 2010 and whose Plan accounts were invested in Regions Stock at any time during this period (In-House Plans Regions Stock Settlement Subclass); and/or

(b) all Persons who were Participants in or Beneficiaries of the Regions Financial 401(k) Plan and/or the Regions Financial Corporation 401(k) Plan at any time between May 1, 2003 and May 15, 2009 and whose Plan accounts were invested in one or more of the RMK Select Funds that were included as investment options in the Plans at any time during this period (In-House Plans Excessive Fee Settlement Subclass); and/or

(c) all Persons who were Participants in or Beneficiaries of the Regions Financial 401(k) Plan and/or the Regions Financial Corporation 401(k) Plan at any time between November 9, 2006 and July 29, 2008 and whose Plan accounts were invested at any time during this period in one or more of the RMK Bond Funds that were included as investment options in the Plan (In-House Plans Bond Fund Settlement Subclass).

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

A Settlement has been preliminarily approved by the United States District Court for the Western District of Tennessee (the "Court") in a class action lawsuit alleging breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), in connection with the three retirement plans listed above.  The terms of the Settlement are contained in the Class Action Settlement Agreement ("Settlement Agreement"), dated December 18, 2013, a copy of which is available at www.RMKERISASettlement.com or by contacting Plaintiffs' Co-Lead Counsel identified below.  Capitalized terms used in this Summary 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 claims against all Defendants.  As explained in the Settlement Agreement, 89.333% of this payment will be allocated to the three In-House Plans Settlement Subclasses and 10.667% of the payment will be allocated to the Customer Plan Settlement Subclass, which is 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 paid to the Plans and allocated to the Plan accounts for members of the three Settlement Subclasses (as defined above) in accordance with a Plan of Allocation approved by the Court.

If you qualify, you will receive such an allocation. You do not need to submit a claim or take any other action unless you wish to object to the Settlement.  The Court authorized this Notice.

A hearing will be held before the Honorable Samuel H. Mays, Jr. of the United States District Court for the Western District of Tennessee in the Clifford Davis/Odell Horton Federal Building, 167 North Main Street, 11th Floor Courtroom #2, Memphis, Tennessee 38103 at 9:00 a.m., on December 15, 2014 to decide whether to approve the Settlement.  The Court may change the date of the hearing without providing another notice.

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

Additional information concerning the proposed Settlement, including the Notice of Proposed Settlement of ERISA Class Action Litigation (the "Class Notice") that has been mailed to Settlement Subclass Members that explains how Subclass Members can object to the Settlement, is available at www.RMKERISASettlement.com.

In addition, Co-Lead Counsel for the Plaintiffs have established a toll-free number, (877) 940-0108, and email address, [email protected], to assist in answering questions regarding the Settlement and to provide copies of the Class 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 Keller Rohrback L.L.P. and Feinstein Doyle Payne & Kravec, LLC