Defendant Name: AmSouth Bank, N.A. (n/k/a Regions Bank)

Defendant Type: Subsidiary of Public Company
Public Company Parent: AmSouth Bancorporation
SIC Code: 6022
CUSIP: 03216510

Document Reference: IA-2784A

Document Details

Legal Case Name In the Matter of AmSouth Bank, N.A. (now known as Regions Bank), and AmSouth Asset Management, Inc. (now known as Morgan Asset Management)
Document Name Corrected Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date 23-Sep-2008
Document Format Administrative Proceeding
File Number 3-13230
Allegation Type Investment Advisers/Investment Companies
Document Summary On September 23, 2008, the SEC instituted settled administrative and cease-and-desist proceedings against AmSouth Bank, N.A. and AmSouth Asset Management, Inc. ("Respondents"). The SEC stated: "These proceedings arise out of improper and undisclosed arrangements between AmSouth Bank, N.A. and AmSouth Asset Management, Inc. (collectively "AmSouth"), investment advisers to the AmSouth Funds, and BISYS Fund Services, Inc. ("BISYS"), a mutual fund administrator."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Fair Funds
Plan of Distribution
Monetary Penalties:

Disgorgement

Individual:     Shared:     $7,789,282.00
Shared with: AmSouth Asset Management, Inc. (n/k/a Morgan Asset Management)

Civil Penalty

Individual:     Shared:     $1,500,000.00
Shared with: AmSouth Asset Management, Inc. (n/k/a Morgan Asset Management)

Pre-Judgment Interest

Individual:     Shared:     $2,198,952.81
Shared with: AmSouth Asset Management, Inc. (n/k/a Morgan Asset Management)

Total Penalty

Individual:     Shared:     $11,488,234.81
Shared with: AmSouth Asset Management, Inc. (n/k/a Morgan Asset Management)

Related Actions:

In the Matter of BISYS Fund Services, Inc.
In the Matter of J. David Huber
In the Matter of Melissa M. Hurley