Class action lawsuit filed against Morgan Keegan
MEMPHIS — A class action lawsuit has been filed against Memphis-based Morgan Keegan alleging that investors in four mutual funds were not informed about risky investments that resulted in $1 billion in losses.
The lawsuit claiming violation of federal securities laws was filed in U.S. District Court in Memphis by Labaton Sucharow, LLP, May 19.
The states of Mississippi, Alabama, Kentucky and South Carolina along with the Securities and Exchange Commission and the Financial Industry Regulatory Authority have previously announced administrative actions against Morgan Keegan, which is owned by Birmingham, Ala.-based Regions Financial Corp.
Kathy Ridley, a spokeswoman for Morgan Keegan, said the filing is similar to other class action lawsuits that are still pending in court and there are no new allegations.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Class action lawsuit filed against Morgan Keegan”
Top Posts & Pages
- Host families prepare for Mississippi Braves’ season
- Ridgeland property rights tussle is expected to have wide impact
- JOSH MABUS — Mississippi’s Healthcare: Not a quality problem, a marketing problem
- HUNTER ARNOLD: Mississippi, Gulf Coast states focus on global business markets
- Mississippi takes an incentives licking, keeps on ticking
- AWAITING ITS FATE: Gables complex may have to shrink to meet law
- Investors in Northbrook complex say Ridgeland targeting its own collateral for demolition
- PHIL HARDWICK: When will Mississippi change its culture?
- Mississippi furniture makers on rebound with more exports