JACKSON, Miss., Oct. 15, 2008 (GLOBE NEWSWIRE) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas, LLP, www.sseklaw.com, announced today the filing of several new arbitration claims against Morgan Keegan & Company, Inc. for customers from Mississippi to Texas. The lawsuits seek damages related to several of Morgan Keegan's proprietary bond funds, including the RMK Select Intermediate Bond Fund ("RHIIX") and the RMK Multi-Sector High Income Fund ("RHY") (collectively, the "RMK Funds"). As alleged in the claims, Morgan Keegan falsely marketed its RMK Funds as safe investment alternatives to its customers, including many elderly and retired investors in violation of securities laws. Specifically, according to the complaints, the funds invested a substantial portion of their assets in illiquid structured products, many with their underlying investment in subprime mortgages and other risky loans, without fully disclosing the high risk nature of these untested products. As a result of these misrepresentations and omissions, many Morgan Keegan customers have lost much of their savings.
Shepherd Smith Edwards & Kantas is representing numerous investors who have lost money in the following Morgan Keegan Bond Funds:
---------------------------------------------------------- Symbol Bond Fund ---------------------------------------------------------- RSF RMK Strategic Income Fund ---------------------------------------------------------- RMA RMK Advantage Income Fund ---------------------------------------------------------- RHY RMK Multi-Sector High Income Fund ---------------------------------------------------------- RHM RMK High Income Fund ---------------------------------------------------------- RHICX MKHIX RMK Select High Income Fund RHIIX ---------------------------------------------------------- RIBCX MKIBX RMK Select Intermediate Bond Fund RIBIX ----------------------------------------------------------
Shepherd Smith Edwards & Kantas has been investigating the above funds, most of which have lost more than 80% of their value over the last year. If you invested in any of these funds, please contact Sam Edwards at 800-259-9010 to explore your legal options.
Shepherd Smith Edwards & Kantas, LLP is an experienced securities litigation and arbitration firm with a national reputation. Many of the attorneys and staff members in our firm have years of brokerage experience. Collectively, the members of our firm have over 100 years of brokerage and legal experience. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority ("FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years and our clients have recovered more than $100 million through our assistance in negotiation, mediation, arbitration and litigation.