A U.S. appeals court has upheld a $1.45 million arbitration award in favor of retired NBA basketball player Horace Grant. Grant sought reimbursement for losses he incurred from investing in risky bond funds that had been marketed to him as safe investments. The U.S. Court of Appeals for the Ninth Circuit, in an unpublished decision, […]
Raymond James is nearing an agreement to buy Region’s Morgan Keegan brokerage unit for about $930 million in cash. Raymond James may tap Morgan Keegan Chief Executive Officer John Carson as its president and head of fixed income according to news reports. Adding Morgan Keegan would bring Raymond James one of the top underwriters of U.S. municipal […]
Buyout firms circling Regions Morgan Keegan brokerage unit lowered bids by at least $200 million after financing markets deteriorated and MF Global Holdings Ltd. filed for bankruptcy, according to people with direct knowledge of the process. Thomas H. Lee Partners LP and Jeffrey Greenberg’s Aquiline Capital Partners LLC submitted the highest offer at about $750 million, […]
The SEC alleges that Morgan Keegan misrepresented to customers that ARS were safe, highly liquid investments that were comparable to money market funds. Morgan Keegan sold approximately $925 million of ARS to its customers between Nov. 1, 2007, and March 20, 2008, but failed to inform its customers about increased liquidity risks for ARS even […]
On December 28, 2007 Bloomberg news reported: “The worst-performing bond fund was the $190 million Regions Morgan Keegan Select high Income, which plunged 59 percent because of losses tied to subprime mortgages. It’s managed by Jim Kelsoe at Morgan Asset Management Inc. in Memphis, Tennessee. The Morgan Keegan bond mutual funds are “worst in […]