Beasley, Allen, Crow, Methvin, Portis & Miles, P.C.

Morgan Keegan & Co. Inc., an investment brokerage owned by Regions Financial Corp., has announced a $200 million settlement in relation to charges of consumer fraud stemming from investments tied to the mortgage bond market. The company has been battling numerous lawsuits brought on behalf of clients that allege Morgan Keegan falsely represented proprietary mutual funds as “low risk” investments when they were actually tied to the volatile mortgage market.

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A recent report in the Memphis Business Journal says the relationship between Regions Financial Corp., based in Birmingham, Ala., and its investment arm, Morgan Keegan & Co., located in Memphis, Tenn., has sweetened. At a recent “Investor Day” event held in New York City, the Business Journal reports company executives talked about strengthening the relationship between the two organizations, and Regions heads included Morgan Keegan as part of the company’s “strategic future.” Last December, and as recently as March of this year, there were rumors that Regions was planning to unload the investment brokerage in order to raise capital to pay back its Troubled Asset Relief Program (TARP) loans, and to distance itself from lawsuits aimed at alleged fraudulent investments made by Morgan Keegan.

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An administrative hearing to discuss allegations of fraud against Morgan Keegan & Co. has been set for October 5, 2010, in Montgomery, Ala. Morgan Keegan is owned by Regions Financial Corp., based in Birmingham, Ala. Numerous lawsuits have been filed against the company, alleging it misrepresented high-risk funds tied to the volatile mortgage bond markets as “safe” or low-risk investments.  As a result, lawsuits allege investors lost huge portions of their funds almost overnight. It is estimated that losses may top $2 billion.

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Earlier this month, it was announced that Morgan Keegan & Co., the brokerage firm owned by Regions Financial Corp., would be required to repay an investor $267,711 for losses suffered by the collapse of Regions Morgan Keegan investment funds. According to CCNMoney, this is the largest bond fund arbitration award to date.

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In February, the Indianapolis Business Journal reported one of its locally based companies, CountryMark Cooperative, was joining the lawsuit against Morgan Keegan, which it says fraudulently invested funds in high-risk mortgaged-based securities. CountryMark alleges misrepresentation of funds, saying Morgan Keegan presented its investment portfolio as low-risk.

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