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Rating:Horace Grant's Case Against Morgan Keegan Is a Slam Dunk Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, October 26, 2012

Horace Grant's Case Against Morgan Keegan Is a Slam Dunk

News summary by MFWire's editors

Swish. That's the sound of ex-NBA All Star and four-time champion Horace Grant winning a $1.45 million arbitration award in a suit against Morgan Keegan. The suit originated after Grant suffered losses in Morgan Keegan mutual funds that melted down during the financial crisis.

The Ninth Circuit of the U.S. Court of Appeals upheld the ruling yesterday, ending a four year legal struggle, reported Reuters. Grant filed the case because he invested in bond fonds that were marketed as safe but were, in reality, risky.

Morgan Keegan's appeal claimed that the arbitrators "may have been biased, prejudged the outcome or exceeded their power," according to Reuters. The article did not identify which funds Grant had invested in.

This news follows a decision earlier this week requiring Morgan Keegan to pay $9.2 million to investors. 

Correction: An earlier version of this story misstated the amount Morgan Keegan must pay in one of the two settlements. The correct amount is $9.2 million.

Edited by: Ben Geier

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