(reprint from the South Florida Business Journal, 2/29/2008) A Fort Lauderdale lawyer is gathering investors and planning a lawsuit against mutual fund operator Morgan Keegan, an affiliate of Regions Financial Corp. (NYSE: RF).
The action would involve investors who lost money on funds that invested in some of the mortgage-related products that have gained headlines nationally, including collateralized mortgage obligations (CMOs).
Jeffrey R. Sonn, a partner at Fort Lauderdale-based law firm Sonn & Erez PLC, plans to raise questions about the suitability of the funds for conservative investors, such as a 94-year old client in Palm Beach who lost $2 million.
Two other firms are also seeking investor/claimants: Mark & Associates P.C., which has offices in Massachusetts and New York, and Houston-based Shepherd Smith & Edwards LLP.
A comparison of six Morgan Keegan and Regions funds on NASDAQ.com showed they had all dropped at least 70 percent over the past 12 months.
The company did not return a call for comment
Wednesday, May 7, 2008
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