Morgan Keegan & Co. Inc., an investment brokerage owned by Regions Financial Corp., has announced a $200 million settlement in relation to charges of consumer fraud stemming from investments tied to the mortgage bond market. The company has been battling numerous lawsuits brought on behalf of clients that allege Morgan Keegan falsely represented proprietary mutual funds as “low risk” investments when they were actually tied to the volatile mortgage market. According to a report in the Memphis Daily News, more than 300,000 investors lost over a billion dollars when the subprime mortgage meltdown drained the funds seemingly overnight. Morgan Keegan ... Read More
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