ATLANTA, Aug. 19, 2010 (GLOBE NEWSWIRE) -- On August 19, 2009, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded damages and assessed costs against Regions Financial Corp.'s (RF) brokerage unit, Morgan Keegan & Company, Inc. The case is Kaufman v. Morgan Keegan & Company Inc., FINRA Case No. 10-00455. The funds found subject to the award included the RMK High Income Fund (RMH), now the Helios High Income Fund (HIH).
Firm principal Jim Dunlap commented on the award saying, "The claim was made difficult in several ways, including the panel's finding that the initial purchases took place beyond the FINRA six-year statute of limitations. However, the arbitrator considered our evidence and made a specific factual finding that Morgan Keegan & Co. breached its fiduciary duty to my client in failing to explain the risks contained in the RMK Fund's substantial holdings of risky, mortgage-based structured products. The client was pleased with the result." Morgan Keegan was represented by Bass, Berry & Sims PLC of Nashville, Tennessee.
James A. Dunlap Jr. & Associates LLC and affiliated attorneys have filed arbitration claims on behalf of other investors in the Regions Morgan Keegan Bond Funds. The arbitration claims involve losses in the Morgan Keegan High-Yield Funds which have recently changed names as follows:
Formerly RMK High Income Fund -- RMH/Now Helios High Income Fund -- HIH
Formerly RMK Multi-Sector High Income Fund -- RHY/Now Helios Multi-Sector High Income Fund -- HMH
Formerly RMK Advantage Income Fund -- RMA/Now Helios Advantage Income Fund -- HAV
Formerly RMK Strategic Income Fund -- RSF/Now Helios Strategic Income Fund -- HSA
Formerly Regions MK Select High Income-C -- RHICX
Formerly Regions MK Select High Income-A -- MKHIX/Now Helios Select High Income Fund -- HIFAX
Formerly RHIIX -- Regions MK Select High Income-I
Formerly RIBCX -- Regions MK Select Intermediate Bond Fund-C
Formerly Regions MK Select Intermediate Bond Fund -- MKIBX/Now Helios Select Intermediate Income Fund -- HSIBX
Formerly RIBIX Regions MK Select Intermediate Bond Fund-I
Specific information about the Morgan Keegan fund claims can be reviewed at http://www.jamesdunlaplaw.com/cms.php?id=36.
If you lost money in the Morgan Keegan Bond Funds, please contact James A. Dunlap Jr., Esquire, of James A. Dunlap Jr. & Associates LLC at 404-354-2363, for a free consultation. You may visit the firm's web site at http://www.jamesdunlaplaw.com.