morgan keegan investment fraud
thousands of morgan keegan investors have suffered significant financial losses due to misrepresentation of funds
Morgan Keegan Fund Losses*
Ticker Bond Fund 2007 2008
RMH RMK High Income Fund (-)58.0% (-)39.0%
RHY RMK Multi-Sector High Income Fund (-)60.6% (-)44.5%
RMA RMK Advantage Income Fund (-)56.9% (-)39.1%
RSF RMK Strategic Income Fund (-)58.1% (-)42.0%
RHICX RMK Select High Income-C (-)59.9% (-)45.9%
MKHIX RMK Select High Income-A (-)59.7% (-)46.1%
RHIIX RMK Select High Income-I (-)59.6% (-)46.0%
RIBCX RMK Select Intermediate Bond Fund-C (-)50.6% (-)66.6%
MKIBX RMK Select Intermediate Bond Fund-A (-)50.3% (-)66.5%
RIBIX RMK Select Intermediate Bond Fund-I (-)50.1% (-)66.5%
*Information accurate as of July 1, 2008 (4:25 CST) c/o Morningstar.
Investors have filed class action lawsuits as well as individual arbitrations against Regions Morgan Keegan. The suits allege that the Funds and defendants misrepresented or failed to disclose certain material facts related to investments in the Select Intermediate Bond Fund (“MKIBX”) and the Select High Income Fund (“RHIIX”).
Investors who purchased or acquired shares of Regions Morgan Keegan Select Intermediate Bond Fund or Select High Income Fund from December 6, 2004 through October 3, 2007, may have a claim to recover for their losses.
do you have a claim against morgan keegan?
If your loved one has suffered a significant financial loss as a result of a Regions Morgan Keegan investment, you may have a claim.
Please contact us today by filling out the brief questionnaire, or by calling our toll free number (1-800-898-2034) for a free, no-cost no-obligation evaluation of your case.
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
A recent report in the Memphis Business Journal says the relationship between Regions Financial Corp., based in Birmingham, Ala., and its investment arm, Morgan Keegan & Co., located in Memphis, Tenn., has sweetened. At a recent “Investor Day” event held in New York City, the Business Journal reports company executives talked about strengthening the relationship between the two organizations, and Regions heads included Morgan Keegan as part of the company’s “strategic future.” Last December, and as recently as March of this year, there were rumors that Regions was planning to unload the investment brokerage in order to raise capital to ... Read More
Yesterday a judge upheld the decision made last fall that holds Morgan Keegan responsible for a $1.4 million loss by investor Horace Grant. The retired Chicago Bulls basketball star sued Regions Morgan Keegan for losses resulting from his investments in mutual funds recommended by the financial management company. Morgan Keegan appealed the decision, saying arbitrators had already made up their minds against the investment company when they heard the case. In his 27-page opinion, U.S. District Judge S. James Otero disagreed with Morgan Keegan, and sided with the Financial Industry Regulatory Authority (FINRA), which is acting as arbitrator in these ... Read More
An administrative hearing to discuss allegations of fraud against Morgan Keegan & Co. has been set for October 5, 2010, in Montgomery, Ala. Morgan Keegan is owned by Regions Financial Corp., based in Birmingham, Ala. Numerous lawsuits have been filed against the company, alleging it misrepresented high-risk funds tied to the volatile mortgage bond markets as “safe” or low-risk investments. As a result, lawsuits allege investors lost huge portions of their funds almost overnight. It is estimated that losses may top $2 billion. The administrative action is the culmination of a multi-state investigation involving six mutual funds sold by Morgan ... Read More
A recent report in the Memphis Business Journal says Consulting Services Group LLC (CSG) is the latest company to file suit against Morgan Keegan & Co., alleging illegal actions resulting in significant losses in its investments in several Morgan Keegan funds. CSG, based in Memphis, provides investment services for foundations, endowments, public funds, trust companies and high-net worth individuals. According to the Business Journal report, CSG has filed suit in Shelby County Circuit Court, naming as defendants Morgan Keegan, Morgan Asset Management, Regions Financial Corp., and James Kelsoe Jr., who was at one time manger of the funds held by ... Read More
A report by Reuters news service says Regions Financial Corp. CEO Dowd Ritter is open to “any and all” possibilities to raise capital in order to repay the U.S. goverment for the bailout money it loaned the institution. Regions, based in Birmingham, Ala., received $3.5 million in Troubled Asset Relief Program (TARP) funds. However, despite this pledge, it is unclear that Region’s brokerage arm, Morgan Keegan, is on the table. The Reuter’s piece says that despite the pledge, Ritter “dismissed the idea” of unloading Morgan Keegan. The bank suffered when its investment arm, headquartered in Memphis, Tenn., was the target ... Read More
According to a report in U.S. News & World Report, recent statistics released by the Financial Industry Regulatory Authority (FINRA), the organization that handles almost all securities arbitration, including claims by Regions Morgan Keegan investors, show there has been a notable increase in the number of filings. In particular, the organization is seeing an increase in claims involving bond funds, which are represented as generally secure investments. There are numerous lawsuits currently pending against Birmingham, Ala.-based Regions Financial Corp.’s Memphis-based Morgan Keegan unit. Lawsuits filed on behalf of investors allege the RMK investment funds were misrepresented as low-risk, high-yield funds, ... Read More
On Friday, the Financial Industry Regulatory Authority (FINRA) awarded $1.4 milion to ex-Chicago Bulls star Horace Grant as compensation for losses the NBA star suffered as a result of investments in Regions Morgan Keegan bond funds. There are numerous lawsuits pending against the financial management company as a result of the funds, which investors allege were represented as low-risk, but which were actually tied to the volatile subprime mortgage market. When the market crashed, investors lost up to 80 percent of their investment, almost overnight. FINRA is the money management industry’s regulatory organization, and is overseeing hundreds of arbitration complaints ... Read More
In an unusual move recently, Morgan Keegan & Co. has filed for appeal on three rulings handed down by arbitration panels against the company. This development was reported today by the Wall Street Journal / Dow Jones Newswires. In most cases of arbitration, awards are usually binding, with parties only allowed to appeal when arbitrators clearly ignore established laws. Morgan Keegan is owned by Birmingham, Ala. based Regions Financial Corp. The regional brokerage has been beset by lawsuits since 2007, when investors suffered huge losses and alleged the investment brokerage had misrepresented several funds as “safe,” when they were in ... Read More
A recent news release published on the Class Action Newsline reports Regions Morgan Keegan has suffered another defeat at the hands of a FINRA arbitration panel in Boca Raton, Fla., which awarded $431,000 to plaintiff Philip Richardson for his losses in RMK investment funds. This is the latest in a string of judgments against Regions Financial Corp.’s Memphis-based Morgan Keegan unit. Lawsuits filed on behalf of investors allege the RMK investment funds were misrepresented as low-risk high-yield funds, when in fact they were tied to the volatile mortgage lending industry. When the industry went bust, investors lost up to 80 ... Read More