Labaton Sucharow has already wrested $100 million from OppenheimerFunds over mutual funds stuffed with subprime mortgage-backed securities. Now the firm has gotten the go-ahead to pursue similar claims against the investment bank Morgan Keegan.
U.S. District Judge Samuel Mays Jr. in Memphis rejected motions last week to dismiss Labaton’s proposed class action on behalf of Morgan Keegan mutual fund investors, allowing the plaintiff’s firm to press on with securities fraud claims against Morgan Keegan and several directors, including disgraced portfolio manager James Kelsoe.
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