Class action lawsuit filed against Morgan Keegan

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Published: May 21,2010

Tags: banking and financing, courts, investing, lawsuit

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.

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One Response to “Class action lawsuit filed against Morgan Keegan”

  1. annitha.harris Says:

    I invest in Morgan and Keegon . I lost 20.000 dollars with them I need to be included in the law suit to recaputer my money.

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