An appeals court has revived federal securities charges against Morgan Keegan over the brokerage's sale of auction-rate securities as the market collapsed.
May 04, 2012 at 12:00 AM
1 minute read
Morgan Keegan lost its battle with the Securities and Exchange Commission before the U.S. Court of Appeals for the Eleventh Circuit.
In a forceful opinion issued last June, U.S. District Judge William Duffey Jr. in Atlanta granted a defense motion for summary judgment on the SEC’s claims that Morgan Keegan misled investors in $647 million worth of auction-rate securities as the $330 billion ARS market was entering a deep freeze three years ago.
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