The Mississippi Supreme Court on April 14 upheld a lower court dismissalof a lawsuit against Tupelo, Miss.-based BancorpSouthInc., as disclosed in a Form 10-Q filing.
Thecase was filed in the Circuit Court of Lee County by a shareholder on Aug. 16, 2011,against certain current and former executive officers and board members of the company.It alleged that the defendants violated fiduciary duties by providing materiallyfalse and misleading statements about BancorpSouth's business and financial results.The defendants filed a motion to dismiss and the court granted the motion Jan. 5,2015. The plaintiff filed an appeal Feb. 2, 2015.
Theplaintiff may file for a rehearing with the Mississippi Court, BancorpSouth notedin its filing. But the company, which has $8.5 million in litigation reserves asof March 31, believes the outcome of the lawsuit will have no bearing on the business,its consolidated financial position or operations.