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

Yesterday a judge upheld the decision made last fall that holds Morgan Keegan responsible for a $1.4 million loss by investor Horace Grant. The retired Chicago Bulls basketball star sued Regions Morgan Keegan for losses resulting from his investments in mutual funds recommended by the financial management company. Morgan Keegan appealed the decision, saying arbitrators had already made up their minds against the investment company when they heard the case.

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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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A recent report in the Memphis Business Journal says Consulting Services Group LLC (CSG) is the latest company to file suit against Morgan Keegan & Co., alleging illegal actions resulting in significant losses in its investments in several Morgan Keegan funds. CSG, based in Memphis, provides investment services for foundations, endowments, public funds, trust companies and high-net worth individuals.

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A report by Reuters news service says Regions Financial Corp. CEO Dowd Ritter is open to “any and all” possibilities to raise capital in order to repay the U.S. goverment for the bailout money it loaned the institution. Regions, based in Birmingham, Ala., received $3.5 million in Troubled Asset Relief Program (TARP) funds. However, despite this pledge, it is unclear that Region’s brokerage arm, Morgan Keegan, is on the table.

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According to a report in U.S. News & World Report, recent statistics released by the Financial Industry Regulatory Authority (FINRA), the organization that handles almost all securities arbitration, including claims by Regions Morgan Keegan investors, show there has been a notable increase in the number of filings. In particular, the organization is seeing an increase in claims involving bond funds, which are represented as generally secure investments.

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In an unusual move recently, Morgan Keegan & Co. has filed for appeal on three rulings handed down by arbitration panels against the company. This development was reported today by the Wall Street Journal / Dow Jones Newswires. In most cases of arbitration, awards are usually binding, with parties only allowed to appeal when arbitrators clearly ignore established laws.

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A recent news release published on the Class Action Newsline reports Regions Morgan Keegan has suffered another defeat at the hands of a FINRA arbitration panel in Boca Raton, Fla., which awarded $431,000 to plaintiff Philip Richardson for his losses in RMK investment funds. This is the latest in a string of judgments against Regions Financial Corp.’s Memphis-based Morgan Keegan unit.

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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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Regions Morgan Keegan has suffered it sixth straight loss in arbitration negotiations with investors who claim they lost substantial amounts of money when RMK misrepresented its bond funds. The suits claim RMK presented the bond funds as low-risk investments, when they actually were tied to the volatile mortgage bond market. When the subprime mortgage lending crisis reached a peak, many investors lost up to 80 percent of their money almost overnight.

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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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