MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, May 8, 2012 Is Morgan Keegan Using a "Scorched-Earth Policy"? Morgan Keegan's continued arbitration fights with former clients just inspired some bad ink. The Memphis Commercial Appeal highlights the continuing battle arbitration battles between mutual fund investors and the fallen, Memphis-based broker-dealer, which is now owned by Raymond James. The pub reports that Morgan Keegan is appealing every Finra arbitration loss, using what one opposing called a "scorched-earth policy." Morgan Keegan officials still go by their stance that the global financial markets collapse in 2008 ruined their mutual fund offerings, while clients insist they were misled to invest in toxic housing bonds. "Morgan Keegan, unlike most banks on Wall Street, has sought to appeal virtually every decision that goes against them in arbitration,' said Jeffrey Sonn, a partner at a Fort Lauderdale-based law firm. "We don't normally see this. They've been engaged in a scorched-earth policy." Printed from: MFWire.com/story.asp?s=39948 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |