Morgan Keegan & Co., the brokerage unit of Regions Financial Corp., has been ordered to pay former professional basketball star Horace Grant $1.4 million in compensation for losses he suffered from investing in bond funds. The award was made by the Financial Industry Regulatory Authority, the money management industry’s self-policing organization. The bond funds in question operated under a variation of the name “Regions Select” and lost much of their value when the subprime mortgage crisis hit. The funds have attracted hundreds of arbitration Complaints from aggrieved investors, such as Grant, who as you may know starred alongside Michael Jordan with the NBA’s Chicago Bulls.
Source: Birmingham News
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