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Morgan Keegan Ordered to Pay Arbitration Award to Non-Profit Religious Organization
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(June 8, 2010 - Tuesday) - In a rare ruling an Alabama state court judge affirmed an amended version of an Award against Morgan Keegan & Company. Over a year ago a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded Hayes Law Firm client and non-profit organization, United Prison Ministries, $220,000 plus interest for the losses suffered in Morgan Keegan bond funds.
United Prison Ministries was founded in 1980 and its charity work primarily includes reaching out to individuals who have been incarcerated. To date they have provided over 70 million Bible lessons, life changing books, and Bibles to male and female prisoners throughout the world.
Morgan Keegan sought to vacate the Award; however, Judge Nicole Gordon Still disagreed with the financial institution on two of their three reasons to vacate. In the end the award was amended by Judge Still to remove a double recovery of expert fees leaving a remaining award of $200,000 plus interest.
“Despite Morgan Keegan’s every attempt to delay payment to this worthwhile charity, justice did prevail and my client can now get back to the business of distributing bibles to inmates,” said our very own Debra Brewer Hayes of The Hayes Law Firm, P.C. in Houston,TX, who represented United Prison Ministries.
Morgan Keegan has been accused of engaging in a massive scheme to defraud investors.The Morgan Keegan bond funds that are reportedly the subject of hundreds of investor arbitrations include the following:
* Regions Morgan Keegan Select High Income-A, (Sym: MKHIX)
* Regions Morgan Keegan Select High Income-C, (Sym: RHICX)
* Regions Morgan Keegan Select High Income-I, (Sym: RHIIX)
* RMK High Income Fund, (Sym: RMH)
* RMK Strategic Income Fund, (Sym: RSF)
* Regions Morgan Keegan Select Intermediate Bond Fund-A, (Sym: MKIBX)
* Regions Morgan Keegan Select Intermediate Bond Fund-C, (Sym: RIBCX)
* Regions Morgan Keegan Select Intermediate Bond Fund-I, (Sym: RIBIX)
* RMK Multi-Sector High Income, (Sym: RHY)
* RMK Advantage Income, (Sym: RMA)
If you have been defrauded by Morgan Keegan and have lost your investment due to mismanagement, we can help.
Our team of experienced investment fraud attorneys is dedicated to helping those who have lost money in the stock market. Contact us today for free consultation with an investment fraud lawyer.
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