Morgan Keegan hearing set for October in Montgomery, Ala.
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.