VOL. 127 | NO. 135 | Thursday, July 12, 2012
BancorpSouth Settlement Awaits Judge's OK
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
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