Other Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 19 – Other Events

Since 2011 FHN, certain affiliated companies, and individual defendants (collectively, “First Horizon”) have defended themselves in a lawsuit with the FHFA, as conservator for Fannie Mae and Freddie Mac. The lawsuit concerned the purchase by Fannie Mae and Freddie Mac of certain securities backed by mortgage loans originated by First Horizon prior to its sale of its national mortgage businesses in 2008. On April 29, 2014, in order to avoid the substantial costs and risks of litigation of this matter, First Horizon entered into a settlement agreement with FHFA, Fannie Mae, and Freddie Mac. As a result, First Horizon will pay $110 million to the plaintiffs and the 2011 lawsuit will be dismissed.

First Horizon did not materially adjust its earnings for the first quarter of 2014, which First Horizon previously announced on April 17, 2014. First Horizon had established a reserve for this matter as of March 31, 2014, and insurance was available for a portion of the settlement.

First Horizon's earnings for the second quarter of 2014 are not expected to be materially impacted in connection with the settlement.