News Tagged ‘lawsuits

Regions selling off RMK Select Funds

Today the Birmingham Business Journal reported that Regions Financial Corp., which is headquartered in Birmingham, Ala., is selling off its 11 Morgan Keegan (RMK) Select Funds. These funds are currently managed by ’ investment arm, Morgan Keegan & Co., based in Memphis. The funds will be sold to Pioneer Investment Managment, Inc., the Journal reports.

Read the rest of this entry »

RMK lawsuits may be consolidated in Tennessee

The Daily News, which covers Memphis, reported yesterday that class action cases against Morgan Keegan (RMK) pending in U.S. District Court for the Western District of Tennessee may be consolidated under U.S. District Judge Hardy Mays. The paper reports Judge Mays issued a ruling Tuesday that answers some questions about the request, and which group or groups could be selected as lead plaintiff in that event.

Read the rest of this entry »

Regions hit by double whammy

A combination of defaulted loans in the plunging housing market and unique woes with its Morgan Keegan & Co. investment arm caused shares of Regions Financial Corp. stock to plunge 73 percent in the past year, according to a report in The Birmingham News. The company is headquartered in Birmingham.

Read the rest of this entry »

Predicted Regions dividend drop

The Birmingham News reported this week that Regions Financial Corp. may cut its dividend to shareholders as a result of defaulting real estate loans and a series of lawsuits in relation to Morgan Keegan investment fraud. Morgan Keegan is a subsidiary of , as a brokerage unit. The dividend reduction was predicted by Standard & Poor’s Corp.

Currently, the News reports, ’ 38-cent quarterly dividend yields around 11 percent. The paper said banks are reducing dividends across the industry, largely due to the crisis in the housing market, as losses from home loans continue to climb.