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FAIT v. REGIONS FINANCIAL CORP.

Docket No. 10-2311-cv.

655 F.3d 105 (2011)

Alfred FAIT, Individually and on behalf of all others similarly situated, Plaintiff, Howard M. Rensin, Trustee for the Howard M. Rensin IRA, Plaintiff-Appellant, v. REGIONS FINANCIAL CORPORATION, Regions Financing Trust III, C. Dowd Ritter, Samuel W. Bartholomew, Jr., George W. Bryan, David J. Cooper, Earnest W. Deavenport, Jr., Don DeFosset, James R. Malone, Susan W. Matlock, Charles D. McCrary, Claude B. Nielsen, Jorge M. Perez, Lee J. Styslinger, III, Spence L. Wilson, John R. Roberts, Ernst & Young LLP, UBS Securities LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, Morgan Keegan & Company, Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 23, 2011.

Attorney(s) appearing for the Case

Eric Alan Isaacson , Robbins Geller Rudman & Dowd LLP, San Diego, CA ( Darren J. Robbins , Andrew J. Brown , Amanda M. Frame , Robbins Geller Rudman & Dowd LLP, San Diego, CA; Samuel H. Rudman , David A. Rosenfeld , Robbins Geller Rudman & Dowd LLP, Melville, NY, on the brief), for Plaintiff-Appellant.

David B. Tulchin ( William J. Snipes , on the brief), Sullivan & Cromwell LLP, New York, NY, for Regions and Individual Defendants-Appellees.

Kenneth S. Geller , Mayer Brown LLP, Washington, DC ( Mauricio A. España , Mayer Brown LLP, New York, NY; Stanley J. Parzon , James C. Schroeder , John J. Tharp, Jr. , Mayer Brown LLP, Chicago, IL, on the brief), for Defendant-Appellee Ernst & Young LLP.

Scott A. Edelman ( Douglas W. Henkin , on the brief), Milbank, Tweed, Hadley & McCloy LLP, New York, NY, for Underwriter Defendants-Appellees.

Before: POOLER, B.D. PARKER, and LOHIER, Circuit Judges.

B.D. PARKER, JR., Circuit Judge:

This case requires us to consider whether certain statements concerning goodwill and loan loss reserves in a registration statement of Defendant-Appellee Regions Financial Corporation give rise to liability under sections 11 and 12 of the Securities Act of 1933. The United States District Court for the Southern District of New York (Kaplan, J.) concluded that they do not and dismissed the complaint. See Fed.

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