Family files suit against Regions over mismanaged trust

Associated Press

A lawsuit filed against Regions Financial Corp. alleges that the company mismanaged a charitable trust named for a former Alabama secretary of state – charging exorbitant fees and steering scholarship money to children of the trust board members.

The suit, which was dated July 7, was filed by family members of Mabel Amos who served as Alabama Secretary of State from 1967 to 1975, al.com reports.

According to the lawsuit, Regions began charging “outrageous” fees when oil was discovered on Amos’ property.

For example, in the suit the plaintiffs claim that Regions was paid about $7,000 for spending five hours a week administering the trust in 2010. Within a year, that same five hours a week cost $92,736.

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7/16/2022 3:21:43 PM (GMT -5:00)