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SEC Sues Regions Bank
Posted by: Jeffrey B. Kaplan
September 22, 2009

The SEC Sues Regions Bank for Violations of Federal Securities Laws

The United States Securities and Exchange Commission ("SEC") has sued Regions Bank, successor to Union Planters Bank, for its role as trustee of an investment plan through which unregistered broker-dealers, U.S. Pension Trust Corp. ("US Pension Trust") and U.S. College Trust Corp. ("US College Trust") (collectively, "USPT") allegedly defrauded approximately 14,000 investors. According to the SEC's allegations, USPT charged exorbitant, undisclosed commissions and fees in connection with the sale of mutual funds. The complaint accuses Regions Bank of violating Federal securities law and aiding and abetting USPT's violations of Federal securities laws.

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