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Featured: An Alabama state court has denied a request by Morgan Keegan & Co. to fully overturn a securities arbitration award entered in favor of United Prison Ministries International, represented by The Hayes Law Firm.
Court Denies Morgan Keegan's Request to Overturn Award
Excerpt:
NEW YORK (Dow Jones)--An Alabama state court has denied a request by Morgan Keegan & Co. to fully overturn a securities arbitration award entered in favor of an investor, disagreeing with the company's arguments that an arbitrator was allegedly biased.
Judge Nicole Gordon Still, a civil division judge in Birmingham, affirmed a $220,000 award in favor of United Prison Ministries International in Verbena, Ala., which distributes free bibles and religious books to prisoners and their families. A Financial Industry Regulatory Authority arbitration panel awarded the sum in July 2009.
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Featured: Read Debra Hayes as quoted in a Wall Street Journal Article on Morgan Keegan Securities Arbitration
WSJ Compliance Watch: Morgan Keegan Asks Court to Vacate Awards
By Suzanne Barlyn
A DOW JONES NEWSWIRES COLUMN
Excerpt:
...Morgan Keegan filed its motions to vacate in a Birmingham, Ala., court. The most recent appeal was filed July 22 and involved a $220,000 award including attorney's fees and costs. In that case, the brokerage argues that the panel's chairman, who previously sat on another panel that ruled against Morgan Keegan, should have been rescued, according to Debra Brewer Hayes, a Houston-based securities attorney who represents the investor.
Hayes' client in the case is United Prison Ministries International in Verbena, Ala., which distributes free bibles and religious books to prisoners and their families. She says the $220,000 award is about half the original request and calls it "level and even handed."
The appeal, she says, could prolong the case another eighteen months to two years. Hayes says she's dealt with only one or two other motions to vacate during her more than 20 years of practice...
(Suzanne Barlyn writes Compliance Watch, a column that focuses on compliance and regulatory issues affecting financial advisers. She can be reached at 212-416-2230 or by email at suzanne.barlyn@dowjones.com)
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