SEATTLE, Feb. 1, 2008 LAWFUEL – Legal Newswire — Keller Rohrback L.L.P.
(www.erisafraud.com) today announced that it is investigating Morgan Keegan & Company, Inc. and Morgan Asset Management, Inc. (collectively, “Morgan Keegan”) for potential violations of the Employee Retirement Income Security Act of 1974 (“ERISA”). The investigation focuses on retirement plans that offer the Regions Morgan Keegan Select Intermediate Bond Fund and/or the Regions Morgan Keegan Select High Income Fund (collectively, the “Morgan Keegan Funds”).
Morgan Keegan has marketed these funds to retirement plans as investments that would provide stable returns. According to a securities complaint recently filed in the United States District Court for the Western District of Tennessee, Morgan Keegan “misrepresented or failed to disclose material facts relating to the nature of the risk being assumed by an investment in the (Morgan Keegan) Funds.” As a result, the funds became highly risky investments that have caused substantial losses to plan participants who invested in the funds. Far from providing a steady and stable return, the Morgan Keegan Funds plunged in value because of their excessive exposure to highly risky investments. Under ERISA, Morgan Keegan, as an investment manager and plan fiduciary, may be found liable for losses incurred by plan participants who invested in these funds.
If you are a plan participant in a retirement plan that offers the Regions Morgan Keegan Select Intermediate Bond Fund and/or the Regions Morgan Keegan Select High Income Fund, and you have suffered losses as a result of investing in these funds, you may contact paralegal Jennifer Tuato’o or attorneys Derek Loeser, Tyler Farmer, or Lynn Sarko toll free at 800/776-6044, or via e-mail at [email protected] to discuss whether you have a potential claim against Morgan Keegan.
Keller Rohrback is one of America’s leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., HealthSouth, and Marsh & McLennan Companies, as well as ERISA cash balance pension plan cases, including JP Morgan Chase & Co. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.