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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The Daily News, which covers Memphis, reported yesterday that class action cases against Regions 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.

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Another class-action lawsuit related to issues regarding the disclosure of subprime debt obligations surfaced in early February when the law firm of Chitwood, Harley, Harnes LLP filed against certain mutual funds offered by Morgan Keegan Select Fund Inc.

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