BEVERLY HILLS, Calif., Jan. 3, 2008 (PRIME NEWSWIRE) -- The collapse of Morgan Keegan bond mutual funds had led to investor claims and a continuing an investigation of Regions Financial Corp. (NYSE:RF), according to a four-law firm legal team with nationally recognized securities law experience.
But the brokers who sold the bond funds are not targets of investor claims, according to the investors' legal team which includes the firms of Aidikoff, Uhl & Bakhtiari, of Beverly Hills, Calif.; Maddox, Hargett & Caruso, P.C., of Indianapolis, Ind. and New York, N.Y.; Page Perry, LLC, of Atlanta, Ga.; and David P. Meyer & Associates Co., L.P.A., of Columbus, Ohio.
"Our investigation indicates that most brokers, like their clients, were victimized as well by these collapsed Morgan Keegan bond funds," said attorney Ryan K. Bakhtiari, of Aidikoff, Uhl & Bakhtiari. "We allege that the problems go much higher within Morgan Keegan and Regions Financial Corp. We believe that the companies may have provided inaccurate information concerning the risk of the mutual funds to their own brokers."
Investors in numerous Morgan Keegan bond mutual funds have experienced losses in net asset value of more than 50 percent since the beginning of 2007, with large losses sustained over the last five months. Recent news reports indicate that mortgage-backed securities and CDOs may constitute significant portions of Morgan Keegan bond fund portfolios.
The law firms are investigating the following funds that have been adversely impacted by the collapse of the mortgage markets and subprime crisis:
* Regions Morgan Keegan Select High Income-A, (Sym:MKHIX), Year to
Date Return a/o (12/31/07) -- 59.74 percent
* Regions Morgan Keegan Select High Income-C, (Sym:RHICX), Year to
Date Return a/o (12/31/07) -- 59.95 percent
* Regions Morgan Keegan Select High Income-I, (Sym:RHIIX), Year to
Date Return a/o (12/31/07) -- 59.64 percent
* RMK High Income Fund, (NYSE:RMH), Year to Date Return a/o
(12/31/07) -- 65.53 percent
* RMK Strategic Income Fund, (NYSE:RSF), Year to Date Return a/o
(12/31/07) -- 66.92 percent
* Regions Morgan Keegan Select Intermediate Bond Fund-A,
(Sym:MKIBX), Year to Date Return a/o (12/31/07) -- 50.30 percent
* Regions Morgan Keegan Select Intermediate Bond Fund-C,
(Sym:RIBCX), Year to Date Return a/o (12/31/07) -- 50.54 percent
* Regions Morgan Keegan Select Intermediate Bond Fund-I,
(Sym:RIBIX), Year to Date Return a/o (12/31/07) -- 50.07 percent
A class action lawsuit was filed against Morgan Keegan in the United States District Court for the Western District of Tennessee, Atkinson et al. v. Morgan Asset Management, Inc., et al, Case No. 2007cv02784. If you are an investor that lost more than $75,000, you should consider all legal options.
More information is available at www.subprimelosses.com or by contacting an attorney.