A court case has been filed against Regions Morgan Keegan alleging that the defendants either misrepresented or did not unveil certain factual details about Funds to investors.
According to the Morgan Keegan class action lawsuit, the Funds suffered heavy losses in value because they were invested in new kinds of fixed income securities. The court case also alleges that the defendants did not follow correct procedure in investing the Fund's assets, which made the funds weak to changes in the market. The Funds supposedly suffered a falloff in value of between roughly 50 percent and 60 percent, according to Morningstar Inc.
The proceedings alleges that the defendants misrepresented or did not divulge facts about the Funds including the nature of the risk connected with the Funds, the illiquidity of securities in which the Funds invested, breaches and stipulations in the Funds' portfolios and the focus of investments in a lone industry that exceeded the Funds' restrictions.
The Funds and the classes of shares involved in the lawsuit are:
Ticker Symbol
-------------------- |
Bond Fund
------------------------------------------------ |
Y-T-D Return
------------------ |
| RMH |
RMK High Income Fund |
-65.53% |
| RHY |
RMK Multi-Sector High Income Fund |
-65.09% |
| RMA |
RMK Advantage Income Fund |
-66.68% |
| RSF |
RMK Strategic Income Fund |
-66.92% |
| RHICX |
RMK Select High Income-C |
-59.95% |
| MKHIX |
RMK Select High Income-A |
-59.74% |
| RHIIX |
RMK Select High Income-I |
-59.64% |
| RIBCX |
RMK Select Intermediate Bond Fund-C |
-50.54% |
| MKIBX |
RMK Select Intermediate Bond Fund-A |
-50.30% |
| RIBIX |
RMK Select Intermediate Bond Fund-I |
-50.07% |
|
Morgan Keegan Class Action and Lawsuit Updates
Are you invested in Morgan Keegan bond funds? If so you may have grounds for a lawsuit. The Morgan Keegan attorneys at Fleming & Associates, L.L.P. are reviewing potential lawsuits on behalf of individuals who suffered financial losses as a result of investment in certain Morgan Keegan funds. Contact the Morgan Keegan lawsuit attorneys of F&A for a free consultation and allow us to review your investments to determine if financial compensation may be available for you.
