Lawsuit accuses Regions Bank, trustees of mismanaging trust
In the suit, the plaintiffs claim that Regions was paid about $7,000 for spending five hours a week administering the trust in 2010.
Regions Financial Corporation logo of a bank holding company is seen displayed on a smartphone and a pc screen. Within a year, that same five hours a week cost $92,736. From 2002 to 2018, the suit claims, the trust paid more than $1 million in administration fees to Regions. The number and dollar amount of scholarships also increased, from $21,794 through five scholarships in 2011, to $214,000 among 17 scholarships two years later.Among those scholarships were "thousands of dollars" for the children of two attorney trustees, the suit claims, who did not attend colleges in Alabama.
Jennifer Elmore, vice president of corporate media and public relations for Regions, who would not comment directly on the suit.
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