Bank & Broker/Dealer - Regulatory and Legal Developments
Report: FINRA arbitration panel denies $8.2M claim against Morgan Keegan
November 07, 2009 3:43 AM ET
By Zaeem Shoaib
|  Source URL | Related Companies |
A three-member arbitration panel of FINRA denied an $8.2 million claim made by William Strong and other investors in January 2008 against Morgan Keegan & Co. Inc., regarding investment losses in Regions Morgan Keegan High Income Fund, RMK Advantage Income Fund and RMK Strategic Income Fund, the Memphis (Tenn.) Business Journal reported Nov. 6. Rejecting all the claims against Morgan Keegan, the panel ordered the claimants to reimburse $157,000 in attorneys fees and $20,000 in expert witness fees to the company. The committee also asked Strong to pay $22,950 in hearing fees. Further, the FINRA panel denied all allegations in two other recent fund arbitration cases that sought more than $1.2 million in damages, the publication reported, citing Morgan Keegan spokeswoman Kathy Ridley. Morgan Keegan is a unit of Regions Financial Corp. |
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