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Victory at Last for Non-Profit in Securities Lawsuit
Morgan Keegan’s Bid to Overturn Denied
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(June 18, 2010 - Friday) - Last July the Financial Industry Regulatory Authority (FINRA) awarded the non-profit religious book distributor United Prison Ministries $220,000 plus interest for losses suffered after investing in Morgan Keegan bond funds.
Finally, they will getting the funds they deserve after an Alabama judge ruled in their favor by denying Morgan Keegan's request to overturn the award.
Morgan Keegan argued that one of the arbitrators that had decided the case was biased toward the plaintiff; however, Alabama state court Judge Nicole Gordon Still disagreed and confirmed the ruling after deducting $20,000 that had been awarded for double expert fees.
United Prison Ministries was represented in the lawsuit by securities attorney, Debra Hayes of the Hayes Law Firm in Houston.
Hayes is happy with court's ruling and glad that she will finally be able to return the lost funds back to her client "despite Morgan Keegan’s every attempt to delay payment to this worthwhile charity."
The Hayes Law Firm focuses their practice on helping individuals and business that have lost investment funds due to investment fraud and other shady dealings of investment firms and brokers.
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