NEW YORK, Jan. 9, 2008 (PRIME NEWSWIRE) -- The collapse of Morgan Keegan bond mutual funds has led to investor claims and a continuing 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.
"This is a prime example of how the crash of the Subprime mortgage market has lead to big losses for many individual investors," said attorney Mark E. Maddox of Maddox, Hargett & Caruso. "Unfortunately, the Morgan Keegan brokers were as much in the dark about the risks of these bond funds as their customers."
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
-- RMK Multi-Sector High Income, (Sym: RHY), Year to Date Return a/o
(12/31/2007) -65.09
-- RMK Advantage Income, (Sym: RMA), Year to Date Return a/o
(12/31/2007) -66.68
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.