» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 135 | Thursday, July 12, 2012

BancorpSouth Settlement Awaits Judge's OK

AP

Print | Front Page | Email this story | Comments ()

TUPELO, Miss. (AP) — BancorpSouth Inc. and a group of shareholders have reached a $29.2 million settlement of a lawsuit filed in Tennessee, according to court records.

The Northeast Mississippi Daily Journal reports (http://bit.ly/PQiyjU) that the settlement proposal was filed recently in U.S. District Court of Middle Tennessee in Nashville after "arm's-length negotiations" between mediators for both parties.

Court records show that the lawsuit was filed in August of 2010 by Edward B. Winslow on behalf of himself and as many as 150,000 other shareholders.

The settlement calls for payment of $29.2 million by Bancorpsouth, based in Tupelo, Miss. If approved by the court, the parties say in court documents that it "will resolve this matter in its entirety."

Winslow claimed in the lawsuit that BancorpSouth and its leadership violated federal securities laws by issuing materially false and misleading statements regarding BancorpSouth's business and financial results. BancorpSouth officials deny all of the allegations of wrongdoing.

The parties also ask the court to certify who is part of the "class," or people eligible to receive the payments.

The proposed description for recipients is "all persons" who bought or otherwise acquired BancorpSouth common stock from April 23, 2009, to July 22, 2010.

Excluded from the class are the defendants and their related parties, such as past or present directors and executive officers, and anyone else who asked not to be included.

The parties also suggest a Nov. 20 deadline for class members to submit proof of claim and release forms.

___

Information from: Northeast Mississippi Daily Journal, http://djournal.com

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 116 413 13,039
MORTGAGES 149 479 16,949
FORECLOSURE NOTICES 29 55 3,345
BUILDING PERMITS 176 701 28,395
BANKRUPTCIES 87 303 10,793
BUSINESS LICENSES 26 111 4,315
UTILITY CONNECTIONS 97 472 16,821
MARRIAGE LICENSES 25 100 3,791

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.