Federal Court Refuses to Overturn Arbitration Award Against Morgan Keegan

Representing Investors Nationwide

A federal court judge in the Central District of California upheld a $1.45 million Financial Industry Regulatory Authority (FINRA) arbitration award issued to former NBA star Horace Grant against Memphis, Tennessee based Morgan Keegan. The Judge rejected all of Morgan Keegan’s arguments for vacating the award and referred to some of their arguments as “disingenuous” in his Order upholding the award.

This is yet another blow to the beleaguered brokerage firm that has been swamped with investor suits over the marketing and management of the Regions Morgan Keegan income funds. The firm is was also issued a “Wells” notice by the Securities & Exchange Commission in July, 2009, informing the firm the SEC was investigating the sale and management of the RMK funds.

The Horace Grant case is but one of hundreds of arbitration cases filed by investors who lost money in the Regions Morgan Keegan income funds. The attorneys at Colling Gilbert Wright & Carter are currently litigating numerous cases involving the RMK funds. If you lost money in either the two open end or four closed-end income funds, please contact our office for a case evaluation. Thank you.