Atlanta, GARecently, a Financial Industry Regulatory Authority (FINRA) arbitration panel ruled that Regions Morgan Keegan must pay damages for the sale of a mutual fund to a Texas investor, according to a news release.
The fund that required the award to be paid out was the Regions Morgan Keegan Multi-Sector High Income Fund, now known as the Helios Multi-Sector High Income Fund.
"The panel awarded substantial damages plus litigation costs, expert witness fees, and assessed all forum fees to Morgan Keegan," an attorney for the plaintiff said in the release. "My client was very pleased with the result."
The decision comes on the heels of an October ruling that Morgan Keegan was required to pay $9.2 million to 18 investors who lost money through its bond funds, according to Reuters. The investors accused the company of convincing them to invest in funds that were exposed to "subprime" mortgage assets that were considered risky, according to the news source.
Regions Morgan Keegan is based in Memphis, Tennessee, and was founded in 1969, according to the company's Web site.
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