The U.S. Court of Appeals for the Eleventh Circuit agreed it was appropriate to certify a securities class action against Regions Financial Corp., but ordered further proceedings in light of the U.S. Supreme Court’s most recent ruling on securities class actions.
The plaintiffs allege that Regions misrepresented its financial health before and during the recession, including by manipulating its books to avoid disclosing significant losses related to its investments in the real estate market .
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