Settlement of William E. Burges and Rose M. Burges v. BancorpSouth, Inc., et al.,
Case No. 3:14-cv-01564
The parties have reached a settlement of this action, pending in the United States District Court for the Middle District of Tennessee, Nashville Division. The settlement provides for the payment of $13,000,000 for the benefit of eligible Class Members. Lead Plaintiff and Class Representative, City of Palm Beach Gardens Firefighters’ Pension Fund, alleged that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially misleading statements and omissions regarding BancorpSouth, Inc.’s (“BancorpSouth” or “Company”) compliance with Anti-Money Laundering and Bank Secrecy Act regulations, and regarding its fair-lending practices.
The Class consists of all persons who purchased or otherwise acquired the publicly traded common stock of BancorpSouth between July 12, 2013 and July 21, 2014, inclusive. Excluded from the Class are Defendants, executives who were members of the Management and Senior Staff Committees, and directors of BancorpSouth during the Settlement Class Period, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest. Also excluded from the Class are those persons who properly excluded themselves by timely and validly requesting exclusion from the Class pursuant to the Notice of Proposed Settlement of Class Action sent to Class Members pursuant to the Preliminary Approval Order. BancorpSouth or any entity in which BancorpSouth has or had a controlling interest (for purposes of this paragraph, together a “BancorpSouth-Controlled Entity”) are excluded from the Class only to the extent that such BancorpSouth-Controlled Entity itself purchased a proprietary (i.e., for its own account) interest in the Company’s common stock. To the extent that a BancorpSouth-Controlled Entity purchased BancorpSouth stock in a fiduciary capacity or otherwise on behalf of any third-party client, account, fund, trust, employee or employee benefit plan that otherwise falls within the Class, or an employee benefit plan sponsored by a BancorpSouth-Controlled Entity, or an employee through such an employee benefit plan, purchased BancorpSouth stock, neither such BancorpSouth-Controlled Entity nor the third-party client, account, fund, trust, employee or employee benefit plan shall be excluded from the Class with respect to such BancorpSouth stock.
The settlement was approved by the Court on September 21, 2018.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.