Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Morgan Keegan Hit by $1.4M Finra Fine  Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 20, 2012

Morgan Keegan Hit by $1.4M Finra Fine

Reported by Tommy Fernandez

Morgan Keegan continues to suffer fallout from its embattled funds.

This time, the firm has been hit with a $1.4 million fee from industry regulator Finra.

According to an award document from the regulator, Morgan has to make the payout to Lawrence Dale and LBD Holdings 2007 to settle damages related to losses of the RMK Intermediate Bond Fund-A.

Dale had invested $16,307,036.86 in the fund, while a limited partnership owned by Dale invested a further $276,558.63.

In the original complaint, which had been filed Oct. 4, 2010, Dale had sought $4,300,132 in damages. The $1.4M included $850,811.00 in damages as well as $400,000 in attorney fees, in addition to other fees and costs related to the filing as well as interest.

This is only the latest legal headache to hit Morgan as a result of the implosion of its funds, which imploded during the financial crisis and lost up to 80 percent of its value. Morgan had been accused by regulators of fraud and overestimating the value of these funds and has had to pay $210 million to settle the charges.

Earlier this month, the SEC filed charges against eight former directors of the boards of five Morgan funds.

The firm did not respond to requests for comment from MFWire.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use