ZIMMERMAN REED

On August 2, 2016, after almost nine years of vigorous litigation, the United States District Court for the Western District of Tennessee granted final approval of the $125 million settlements of the open-end mutual fund class action and shareholder derivative actions. The cases were brought against defendants Regions Financial Corporation, Regions Bank, Morgan Keegan & Company, Inc., Morgan Asset Management, and PricewaterhouseCoopers, Inc... The settlements resolve lawsuits involving allegations of securities fraud and breach of fiduciary duty as to three Morgan Keegan bond mutual funds that collapsed in 2007 after investing heavily in subprime mortgages and other risky debt. The preliminary settlements call for $110 million of cash to be paid to investors in Morgan Keegan's Short Term Bond, Select Intermediate Bond and Select High Income funds, and $15 million of cash to go directly to the funds, less any legal fees... 1) Persons who purchased during the period December 6, 2004..

Also known as: Morgan Asset Management, Inc., Morgan Keegan & Company, Inc.

Primary location: Minneapolis United States