Morgan Keegan Continues To Lose, This Time For $881M
A Financial Industry Regulatory Authority (FINRA) arbitration panel in Memphis, Tennessee has found Morgan Keegan liable and ordered it pay $881,593 in damages to a group of investors who had invested in the RMK Multi-Sector High Income Fund; RMK Strategic Income Fund; RMK High Income Fund; RMK Advantage Income Fund and the RMK Select Intermediate Bond Fund. The Claimants asserted various causes of action including misrepresentations and omissions; breach of fiduciary duty; unsuitable investments and failure to supervise, among other things.
After hearing all of the testimony and examining all of the documents, the panel found that Morgan Keegan was liable to Claimants and ordered the firm to pay on the various claims, as follows: $33,382 in compensatory damages to Palmer and Kathy Albertine; $105,844 in compensatory damages to Jon Albright; $254,642 in compensatory damages to Sam and Susan Davis; $458,625 in compensatory damages to Peter and Kendall Tashie; $28,500 for Claimants’ expert witness fee and $600 for the non-refundable portion of the filing fee. Additionally, the panel assessed the entire $26,850 in forum fees for the arbitration against Morgan Keegan. (FINRA# 09-01327; Palmer Albertine, et al v. Morgan Keegan & Company, Inc. and Regions Financial Corporation).