According to a March 3, 2009 article in the Memphis Commercial Appeal newspaper, sportscaster Tim McCarver was awarded $100,000.00 by a FINRA arbitration panel for losses he experienced in the RMK Funds.
Mr. McCarver, a Memphis native invested $400,000 in four closed-end mutual funds and one open-end fund that managed and operated by Regions Morgan Keegan. Those funds suffered catastrophic losses, primarily related to the alleged over concentration on subprime mortgage polls and other collateralized debt obligations (CDOs).
Morgan Keegan & Co. of Memphis, whose Morgan Asset Management ran the funds until July when Hyperion Brookfield Asset Management took over seven funds in all, had a different perspective.
Of significance for future arbitration claims related to RMK losses, the arbitration panel turned down Morgan Keegan’s request to have the expert testimony ruled misleading. Also, the attorney representing Mr. McCarver indicated this case was factually one of his weaker claims as McCarver was advised, at one point, to sell the fund shares by his Morgan Keegan broker, but declined to do so.
If you have lost money in one or more RMK mutual funds, please contact our office for a free case evaluation. Thank you.