BIRMINGHAM, Ala., March 12, 2009 (GLOBE NEWSWIRE) -- A Birmingham, Alabama FINRA arbitration panel awarded $187,000 to a retired cattle farmer from York, Alabama for losses suffered in Morgan Keegan bond funds. "This is believed to be the largest arbitration award against Regions Financial Corp.'s (NYSE:RF) Morgan Keegan division for its sale of bond funds that cost investors over 2 Billion Dollars," said attorney Mark E. Maddox of Maddox Hargett & Caruso, P.C. in Indianapolis, IN, who represented the investor Philip Willingham. "It is also the first make-whole award in favor of a Morgan Keegan bond fund investor."
"This arbitration award affirms our view that Morgan Keegan engaged in a massive scheme to defraud many investors, including Philip Willingham, in the sale of its bond funds," says Maddox.
"It is becoming apparent that the evidence that investors are now able to present about the scope of Morgan Keegan's misconduct and the significant investigations that are being conducted by the Securities and Exchange Commission and state securities regulators are catching up with Morgan Keegan, and allowing arbitrators to better understand the scope of its misconduct," added Maddox.
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)
The law firm of Maddox Hargett & Caruso, P.C. has joined an association of law firms in pursuing claims by investors who suffered losses in these Morgan Keegan bond funds and other subprime mortgage related investments. The associated law firms are: Aidikoff, Uhl & Bakhtiari of Beverly Hills, CA; Page Perry, LLC of Atlanta, GA; and David P. Meyer & Associates of Columbus, OH.
More information is available at www.subprimelosses.com or by contacting one of our attorneys.