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The Law Offices of Andrew J. Brown

The Law Offices of Andrew J. Brown

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Local 703, I.B. of T. Grocery and Food Employees Welfare Fund v. Regions Financial Corp., et al., Case No. CV-10-J-2847-S (N.D. Ala)

Securities Fraud Class Actions

This lawsuit stemmed from an accounting fraud at Regions, carried out during the 2008-2009 financial crisis in order to keep the company from recognizing huge losses for bad real estate loans. After an extensive investigation, Mr. Brown and his team filed a securities fraud lawsuit that caught the eye of the SEC enforcement division. While Mr. Brown’s securities fraud class action was pursued over a period of years, the SEC and banking regulators began conducting their own investigations.

As the case proceeded to trial, Regions fought to keep it away from a jury, going so far as to appeal the class certification ruling to the Eleventh Circuit Court of Appeal. Mr. Brown’s team won a complete victory on appeal. Local 703 v. Regions Fin. Corp, 762 F.3d 1248, 1252 (11th Cir.2014). As the parties began preparing for trial, Regions settled the class action for $90 million, and settled with the SEC and banking regulators for another $50 million.

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The Law Offices of Andrew J. Brown is a specialized law firm representing investors and consumers in cases against corporations and their executives.

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