{"id":619835,"date":"2026-09-10T00:30:13","date_gmt":"2026-09-10T00:30:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/619835\/"},"modified":"2026-09-10T00:30:13","modified_gmt":"2026-09-10T00:30:13","slug":"lawsuit-claims-regions-bank-lost-66-million-in-land-deal-tied-to-nebius-data-center-site","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/619835\/","title":{"rendered":"Lawsuit claims Regions Bank lost $66 million in land deal tied to Nebius data center site"},"content":{"rendered":"

BIRMINGHAM, Ala. (WBRC<\/a>) – A Regions Financial Corporation shareholder has filed a lawsuit on behalf of Regions Bank, alleging bank officers and directors let a piece of company property sell for tens of millions less than it was worth, and claims that the eventual buyers already had a deal in place to flip it for a massive profit.<\/p>\n

It\u2019s the second lawsuit targeting the sale of the former Regions Lakeshore Operations Center at 201 Milan Parkway, which is now being developed by Nebius for an AI factory data center.<\/a> <\/p>\n

\"Nebius,Nebius, a Netherlands-based tech company, owns about 80 acres off Lakeshore Parkway. They ae hoping to build a two-building AI factory in a former bank-back office building.(WBRC)<\/p>\n

James M. Anderson, who owns stock in Regions Financial Corporation, the sole shareholder of Regions Bank, filed the derivative complaint Saturday, Sept. 5 in Jefferson County Circuit Court. <\/p>\n

Property records show the property was transferred three times in one day, with the first sale for $17.2 million, and the final sale $83.5 million. <\/p>\n

Regions Bank sold the property to Lakeshore Data Center, LLC for $17.2 million on Sept. 30, 2025. Lakeshore Data Center, LLC then sold the property for $27 million to 201 Milan Birmingham, LLC, according to records. The final sale of the day was between Milan and Alabama ADC Holdings, LLC for $83.5 million. <\/p>\n

Property sold 3 times in 1 daySellerWho they sold toHow much the property sold forRegions BankLakeshore Data Center, LLC$17.2 millionLakeshore Data Center, LLC201 Milan Birmingham, LLC$27 million201 Milan Birmingham, LLCAlabama ADC Holdings, LLC$83.5 million<\/p>\n

\u201cIn any analysis, it is clear that these transactions caused Regions to suffer damages of $66 million and 300,000 the difference between the amount received by Regions on Sale 1 and the amount received by Milan on Sale 3 later that same day,\u201d reads the lawsuit. <\/p>\n

Anderson further claims the first and final sales were prepared by the same law firm, \u201cshowing collusion and conspiracy among Regions\u2019 management, Lakeshore, Milan, Nebius and ADC Holdings.\u201d <\/p>\n

According to the complaint, Anderson formally asked management of Regions Financial Corporation on June 5, 2026, to take legal action against the \u201cRegions\u2019 officers or directors who breached fiduciary duties\u201d or were involved in the sale of the property. More than 90 days passed with no action, which under Alabama procedural rules, cleared the way for Anderson to file suit himself.<\/p>\n

The lawsuit names Paul Stivender, a Regions Bank senior vice president, Mark A. Crosswhite, a Regions director, and 20 \u201cfictitious defendants\u201d yet to be identified by Anderson who work for Regions and were \u201cresponsible for due diligence regarding the sale of the property… approved such sale… or otherwise participated therein.\u201d <\/p>\n

Lakeshore Data Center, LLC, Robert O. Burton, Milan Birmingham LLC, Alabama ADC Holdings, LLC, Nebius, Kari Schrader, and dozens more \u201cfictitious defendants\u201d are also named in the lawsuit. <\/p>\n

The lawsuit brings five counts on Regions Bank\u2019s behalf: <\/p>\n

NegligenceWantonnessBreach of fiduciary dutyConspiracyFraud<\/p>\n

The lawsuit seeks compensatory and punitive damages, interest, costs and attorneys\u2019 fees, and asks for a jury trial.<\/p>\n

None of the defendants have filed a public response, but Regions Bank told WBRC 6 News in a statement, \u201cWe are unable to comment on pending litigation but look forward to properly addressing this matter through the legal system.\u201d<\/p>\n

Oxmoor Valley homeowners are separately suing to block construction of Nebius\u2019 data center,<\/a> arguing in an amended class-action complaint that the same three sales were used to inflate the project\u2019s reported $90 million land cost.<\/p>\n

Get news alerts in the Apple App Store<\/a> and Google Play Store<\/a> or subscribe to our email newsletter here<\/a>.<\/p>\n

Copyright 2026 WBRC. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"BIRMINGHAM, Ala. (WBRC) – A Regions Financial Corporation shareholder has filed a lawsuit on behalf of Regions Bank,…\n","protected":false},"author":2,"featured_media":619836,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[263070,263077,39551,263080,10637,103,397,396,61,60,263079,263083,263071,263081,263068,263065,46807,263078,263064,263069,263075,263072,263067,263066,263073,263074,263076,263063,263082],"class_list":["post-619835","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-201-milan-birmingham-llc","tag-201-milan-parkway","tag-alabama","tag-alabama-adc-holdings","tag-birmingham","tag-health","tag-health-care","tag-healthcare","tag-ie","tag-ireland","tag-james-m-anderson","tag-kari-schrader","tag-lakeshore-data-center-llc","tag-mark-a-crosswhite","tag-mark-crosswhite-regions-director","tag-milan-parkway-land-flip","tag-nebius","tag-nebius-ai-data-center","tag-nebius-data-center-lawsuit","tag-paul-stivender-regions-bank","tag-regions-bank","tag-regions-bank-66-million-lawsuit","tag-regions-bank-lawsuit","tag-regions-bank-nebius-lawsuit","tag-regions-bank-shareholder-lawsuit","tag-regions-financial-corporation","tag-regions-lakeshore-operations-center","tag-regions-lakeshore-property-sale","tag-robert-o-burton"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/619835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=619835"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/619835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/619836"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=619835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=619835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=619835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}