BIRMINGHAM, Ala. (AP) - David N. Lichtenstein, a judge in the Jefferson County Circuit Court's criminal division and owner of a stock fund that holds Regions share, filed the lawsuit in the court's civil division this month.
Lichtenstein blames Regions' Chief Executive Dowd Ritter and the board for failing to take action to prevent shares from falling
since 2006. The judge's attorney says the suit is a so-called
"derivative action," with any financial relief going to the
company rather than shareholders.
Regions spokesman Tim Deighton said the suit is "without
merit" and the bank plans "a vigorous defense."
Information from: The Birmingham News,
(Copyright 2009 by The Associated Press. All Rights Reserved.)