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VOL. 128 | NO. 25 | Wednesday, February 06, 2013

Urban Child Institute Loses Claim Against Morgan Keegan

By Andy Meek

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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.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
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