NEW YORK, July 8, 2008 (PRIME NEWSWIRE) -- The law firms of Avelino & Associates, P.C. (http://www.avelinolaw.com) and Napoli Bern Ripka, LLP, announced today that the firms have filed another arbitration claim with FINRA (Financial Industry Regulatory Authority) against Morgan Keegan and Regions Financial Corp. (NYSE:RF).
The claim is on behalf of investors who purchased the RMK Multi-Sector High Income Fund (NYSE:RHY), RMK High Income Fund (NYSE:RMH), RMK Advantage Income Fund (NYSE:RMA), RMK Strategic Income Fund (NYSE:RSF) and Morgan Keegan Select Intermediate Bond Fund (RIBCX). The following illustrates the funds' losses:
Y-T-D Return
Ticker Bond Fund as of 12/31/07
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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 Regions MK Select High Income-C -59.95%
MKHIX Regions MK Select High Income-A -59.74%
RHIIX Regions MK Select High Income-I -59.64%
RIBCX Regions MK Select Intermediate Bond Fund-C -50.54%
MKIBX Regions MK Select Intermediate Bond Fund-A -50.30%
RIBIX Regions MK Select Intermediate Bond Fund-I -50.07%
According to Vincent J. Imbesi, a partner at Avelino & Associates, and a member of PIABA, a bar association for attorneys who limit their practice to representing investors in FINRA arbitration, "Representatives employed by Morgan Keegan marketed the funds to investors as an alternative to money market funds. Investors thought they were purchasing safe, conservative funds. They received the opposite."
Investors who purchased any of the above-listed funds can get more information by visiting http://www.avelinolaw.com. Investors can obtain a free legal consultation by contacting Vincent J. Imbesi at 1- (866) 732-2775, regardless of the amount of money lost (most law firms require a minimum loss of $50,000.)
Combined, the law firms of Avelino & Associates and Napoli Bern Ripka have recovered over one billion dollars ($1,000,000,000) for its clients. The firms' attorneys have represented hundreds of investors in FINRA arbitrations. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.