Paul Hastings Achieves Complex Litigation Summary Judgment Win for Regions Bank
Atlanta, GA (July 11, 2012) - Paul Hastings LLP, a leading global law firm, announced today that the firm achieved a summary judgment win in a complex litigation case for Regions Bank, a subsidiary of Regions Financial Corp., one of the largest full-service providers of consumer and commercial banking, wealth management, mortgage and insurance products and services in the United States. On June 29, 2012, Judge Robert Wilters in the Circuit Court of Baldwin County, Alabama dismissed Regions from a lawsuit alleging civil conspiracy, brought by SM Traditions Associates LLC, an entity created for investment in a joint venture with Colonial Properties Trust Inc.
The lawsuit accused Regions of conspiring with Colonial Properties Trust Inc., a real estate investment trust, to defraud SM of the $34 million defaulted development loan for the construction of residential properties on the Gulf Shores of Alabama, after the property was later appraised at less in the economic downturn. The lawyers from Paul Hastings argued that Regions could not have anticipated details of the venture and that the bank was merely supplying the loan.
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