James A. Dunlap Jr. & Associates LLC Announces Regions Financial Corp.'s Unit Morgan Keegan Hit With $370,000 Award for Fault in Sale of Junk Bond Mutual Funds to Senior Investors -- MKHIX, HIFAX
ATLANTA, Nov 23, 2009 (GlobeNewswire via COMTEX) -- By Staff
Company: Regions Financial Corp. (RF)
On November 19, 2009, a Financial Industry Regulatory Authority (FINRA) arbitration panel award $370,000 in damages and assessed costs against Regions Financial Corp.'s (RF) brokerage unit, Morgan Keegan & Company, Inc. The case is Wade v. Morgan Keegan & Company Inc., FINRA Case No. 08-04613. The funds found subject to the award included the Morgan Keegan's Select High Income Fund (MKHIX), now the Helios Select High Income Fund (HIFAX).
Firm principal Jim Dunlap commented on the award saying, "The panel awarded more than double the out-of-pocket loss in the case. My clients were very pleased with the result." Morgan Keegan was represented by G. Wayne Hillis, Jr. and Robert M. Brennan of Parker, Hudson, Rainer & Dobbs LLP of Atlanta, Georgia.
James A. Dunlap Jr. & Associates LLC and affiliated attorneys have filed arbitration claims on behalf of other investors in the Regions Morgan Keegan Bond Funds. The arbitration claims involve losses in the Morgan Keegan High-Yield Funds which have recently changed names as follows:
Formerly RMK High Income Fund --- RMH/Now Helios High Income Fund--- HIH Formerly RMK Multi-Sector High Income Fund---RHY/Now Helios Multi-Sector High Income Fund --- HMH Formerly RMK Advantage Income Fund --- RMA/Now Helios Advantage Income Fund ---- HAV Formerly RMK Strategic Income Fund --- RSF/Now Helios Strategic Income Fund ---- HSA Formerly Regions MK Select High Income-C --- RHICX Formerly Regions MK Select High Income-A --- MKHIX/Now Helios Select High Income Fund --- HIFAX Formerly RHIIX---Regions MK Select High Income-I Formerly RIBCX---Regions MK Select Intermediate Bond Fund-C Formerly Regions MK Select Intermediate Bond Fund --- MKIBX/Now Helios Select Intermediate Income Fund --- HSIBX Formerly RIBIX Regions MK Select Intermediate Bond Fund-I
Specific information about the Morgan Keegan fund claims can be reviewed at http://www.jamesdunlaplaw.com/cms.php?id=36.
If you lost money in the Morgan Keegan Bond Funds, please contact James A. Dunlap Jr., Esquire, of James A. Dunlap Jr. & Associates LLC at 404-354-2363, for a free consultation. You may visit the firm's web site at http://www.jamesdunlaplaw.com.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: James A. Dunlap Jr. & Associates LLC
CONTACT: James A. Dunlap Jr. & Associates LLC Jim Dunlap, Principal 404-354-2363 Fax: 404-745-0195 jim@jamesdunlaplaw.com 801 W Conway Drive NW Atlanta, Georgia 30327
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Company: Regions Financial Corp. (RF)
Related terms: bond, money, mutual funds, web, yield
