» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 25 | Wednesday, February 06, 2013

Urban Child Institute Loses Claim Against Morgan Keegan

By Andy Meek

Print | Front Page | Email this story | Email reporter | Comments ()

The Urban Child Institute has lost an arbitration case it filed against Morgan Keegan & Co. Inc., the Memphis brokerage firm that was sold to Raymond James Financial Inc. in 2012.

The nonprofit had sought more than $9.6 million after losing money in Morgan Keegan-related securities that lost most of their value and which the nonprofit claimed Morgan Keegan misrepresented, among other things. The arbitration claim was dismissed in its entirety.

One of the three members of the arbitration panel signed a dissent, signaling his objecting to the ruling – something not often seen in arbitration cases, which are frequently unanimous.

The investments were at the center of charges that state and federal regulators filed against Morgan Keegan a few years ago. Morgan Keegan agreed to pay $200 million to settle the regulatory charges.

As a result of the merger, Raymond James has said it intends to do away with the Morgan Keegan name this month.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 33 91 3,886
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.