NEW YORK, Sept. 16, 2008 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka LLP, announced today that it filed another arbitration claim with FINRA (Financial Industry Regulatory Authority) against Morgan Keegan & Company, Inc., on behalf of three investors that purchased several Income mutual funds issued and managed by Morgan Keegan.
The claim is on behalf of an investor who purchased the RMK Strategic Income Fund (NYSE:RSF) and RMK Advantage Income Fund (NYSE:RMA)
The following illustrates the funds' losses:
Y-T-D Return
Ticker Bond Fund as of 12/31/07
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RMH RMK High Income Fund -65.53%
RHY RMK Multi-Sector High Income Fund -65.09%
RMA RMK Advantage Income Fund -66.68%
RSF RMK Strategic Income Fund -66.92%
According to attorney Vincent J. Imbesi, who is a member of PIABA, a bar association for attorneys who limit their practice to representing investors in FINRA arbitration, "Representatives employed by Morgan Keegan marketed the funds to investors as an alternative to money market funds. Investors thought they were purchasing safe, conservative funds. They received the opposite."
The firm is representing investors on an individual basis, not in a class action. The firm believes that investors have a better chance of recovering more money, in a shorter time frame, by filing an individual arbitration, compared to participating in a class action. The firm does not charge a legal fee unless it recovers money for its clients. Investors can obtain a free legal consultation by contacting Vincent J. Imbesi at 1-(888) 529-4669. The firm will represent purchasers of the above-listed Morgan Keegan funds regardless of the amount lost (most firms require a minimum loss of $50,000).
The law firm of Napoli Bern Ripka has recovered over two billion dollars ($2,000,000,000) for its clients. The firms' attorneys have represented hundreds of investors in FINRA arbitrations. Napoli Bern Ripka, LLP ("NBR") is a nationally known plaintiff's law firm specializing in a wide variety of litigation areas, with offices in New York City, Long Island, New Jersey, Philadelphia and Oklahoma. In addition to Stock Fraud claims, the firm represents clients in personal injury matters, medical and other professional malpractice, and pharmaceutical products liability (diet drugs, Rezulin, Trasylol, Factor 8) as well as toxic tort and other environmental claims. The firm has more than 60 years of combined litigation experience in trial and appellate courts.
Since its establishment 10 years ago, the firm has settled and/or recovered more than $2 billion for its clients. Senior Partners Marc Jay Bern and Paul J. Napoli have been chosen for inclusion in New York Super Lawyers(r) for 2007 and both are members of the prestigious Litigation Counsel of America. Both Bern and Napoli are also long-time members of the invitation-only Million Dollar Advocates Forum.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.