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Monetary Misdeeds Alleged Against Morgan Keegan

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Memphis, TNMorgan Keegan stands allegedly accused of monetary misdeeds towards investors who placed money into the Regions Morgan Keegan mutual funds (RMK). Losses for this action are alleged to be ranging up into the millions. However, this alleged misappropriation of funds isn't only affecting investors. It is hitting closer to home by allegedly affecting employees of Morgan Keegan as well.

Morgan Keegan stock lossThe legal cases have sprung up throughout the U.S. with stories allegedly coming from investors all over the place. All of them tell similar alleged tales of having put away retirement, life, and savings designated as nest eggs only to find them whittled down to next to nothing over night. This alleged incident has given rise to several alleged litigation cases against the investment firm.

Employees of Morgan Keegan are allegedly experiencing the same dilemma as investors. Much of the employees' investment money was allegedly set aside in Morgan mutual funds in the form of pension plans. Many of the Morgan Keegan employees will allegedly have recourse under ERISA, which came into being during 1974. Employees of the investment firm are allegedly retaining counsel from a myriad of attorneys across the country.

It is allegedly believe that information about the risk of some of the mutual funds was held back form employees and investors alike. Some investors have allegedly taken bigger losses than other depending upon which fund their money was invested in, and how much was invested. It's estimated and alleged that some of the investment funds for the RMK lost as much as sixty percent of their value just in 2007. For 2008 the fund is has allegedly taken a thirteen percent nose dive already. Tennessee itself has several investors' cases that have allegedly filed complaints against Morgan Keegan. Some are allegedly individual complaints, while others involve family trusts.

One suit is alleging that the investment funds were originally handled by Union Planters Bank. Regions Morgan Keegan allegedly acquired the bank in 2004 and took over the investments. It is alleged that in just a few short months of Regions Morgan Keegan acquiring the bank and investments, assets acquired at that point in the trusts were being sold to raise more cash. This was alleged to have been done for the betterment of Regions Morgan Keegan and not for the investors themselves.

A spokesman for the firm recently declined to comment on the alleged allegations and impending litigation regarding the mutual funds. Last month allegedly the Chief Financial Officer, Al Yother, engaged in a conference call with analysts in regards to the alleged incident. During the course of the call, Mr. Yother allegedly said the bank had made some new investment in two of the Regions Morgan Keegan funds. His alleged statement was that this effort was to provide an amount of liquidity to support the firm.

By Delsia Hartford


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