Arbitrators awarded over $100,000 recently in two separate investment-related cases. In February, the well-known sportscaster Tim McCarver was awarded $100,000 in compensatory damages as a result of losses from investments in Regions Morgan Keegan bond funds. In March, a retired cattle farmer was awarded $187,000 for his losses in those same bond funds. The evidence developed through these cases and others highlights Morgan Keegan’s scheme to defraud its bond fund investors. These investors believed they were in a bond fund, which is traditionally a low-risk investment. Instead the bond funds they were put in contained speculative and high-risk investments. These investments have left many investors without their life savings. A large segment of the bond fund investors were either retirees or those folks who were close to retirement. Morgan Keegan has now left them with a bleak future at a critical point in their lives.
Morgan Keegan being found liable in these arbitrations, however, is a positive step. As more and more of these cases are tried hopefully arbitrators will recognize and be overwhelmed by Morgan Keegan’s bad conduct and will restore the life savings of the investors. Our firm is actively pursuing bond fund claims against Morgan Keegan. If you have questions relating to this subject, contact Jay Aughtman (Jay.Aughtman@beasleyallen.com) or Scarlette Tuley (Scarlette.Tuley@beasleyallen.com) or 800-898-2034.
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