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

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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Regions Financial Corp., based in Birmingham, Ala., was on the recent Market Watch list of “notable moves” in the stock market. Unfortunately for the company, it was listed alongside General Motors (GM) on the list of “decliners” after experiencing a 5.9 percent drop in stock value.

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