INDIANAPOLIS, May 1, 2009 (GLOBE NEWSWIRE) -- On April 17, 2009, Maddox Hargett & Caruso, P.C. issued a Press Release concerning an April 14, 2009 amended arbitration award for Phillip Willingham and Melinda Oates in the amount of $187,000.00. This April 14 amended award was issued by a Financial Industry Regulatory Authority (FINRA) arbitration panel for claims brought by Willingham and Oates against Morgan Keegan in which they contended Morgan Keegan engaged in misconduct in the sale of certain bond funds.
The Press Release was issued by Maddox Hargett & Caruso after the announced amended award, and not by Region's Financial Corp., the parent company of Morgan Keegan. The arbitration panel confirmed an earlier award of the same amount after Morgan Keegan asked for a clarification of the damages awarded. This matter remains on appeal with the Circuit Court of Jefferson County, Alabama.
In its award, the arbitration panel made no specific finding as to which of the claims advanced by Willingham and Oates the award was based, other than the award of attorneys' fees under the Alabama Securities Act. References to a specific basis for the award in the April 17, 2009 Press Release were based on the claims made and the evidence presented at the arbitration, the panel's reference to the Alabama Securities Act in the amended award, and the opinion of Maddox Hargett & Caruso.