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Rating:A Mutual Fund Investor Wins $2.5 Million From Morgan Keegan Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 22, 2010

A Mutual Fund Investor Wins $2.5 Million From Morgan Keegan

News summary by MFWire's editors

Morgan Keegan is about to shell out another $2.5 million over its former bond mutual funds' losses, bringing its total damages payouts so far to $10.1 million. The Wall Street Journal's Suzanne Barlyn reports that a Finra (Financial Industry Regulatory Authority) arbitration panel found the Regions Financial Corp unit "liable for negligence, failure to supervise and selling unsuitable investments" and ordered the brokerage to pay Andrew Stein and his two companies.

Of course, overall and in the Stein case, it could have been worse for Morgan Keegan: Stein will get only $2.5 million, but he asked for more than $12 million, and all told in the 80 cases Finra has heard so far, investors have asked for $47 million and received total damages of only $10.1 million. (39 of the cases have been dismissed, and another 114 cases, including an unknown number of settlements, were dropped before getting to hearings.)

The disputes center around six former Morgan Keegan bond funds, four of which are now managed by Hyperion Brookfield Asset Management and two of which have been closed and liquidated. 

Edited by: Neil Anderson, Managing Editor

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