Regions Morgan Keegan Lawsuits
 

In 2007, a series of Regions Morgan Keegan open-end funds collapsed after plummeting as much as 80% in value. The funds (Regions Morgan Keegan’s Select High Income Fund, Select Intermediate Bond Fund, and Select Short Term Bond Fund), were forced to shut down and liquidate their assets, while investors lost over $1 billion.

These severe losses were not simply the result of the “mortgage meltdown.” Rather, contrary to representations made to investors, the Funds were heavily invested in the riskiest, low-priority tranches of structured finance deal, backed by risky assets. RMK never disclosed to investors that they were exposing them to the riskiest asset-backed securities, causing investors’ massive losses.

Investors brought a series of lawsuits against the defendants, including Regions Financial, Regions Bank, Morgan Keegan & Company, Inc., Morgan Asset Management, and PricewaterhouseCoopers, Inc., alleging violations of federal securities laws, breach of fiduciary duty and other state law causes of action.

View the Morgan Keegan Hierarchy Diagram

 

 
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March 5, 2013
Alabama Live
  Regions' CEO to shareholders: 'we began to play offense' in 2012
       
May 2, 2012
Memphis Business Journal
 
 
April 4, 2012
Memphis Business Journal