After failing to knock out claims they duped investors in four closed-end mutual funds that lost an estimated $1 billion during the subprime meltdown, Morgan Keegan & Co. Inc. and Regions Financial Corp. have agreed to pay $62 million to settle private securities fraud litigation over the funds.
Labaton Sucharow, which serves as lead counsel for investors in the four funds, announced the settlement in a motion for preliminary approval filed Friday. The deal must be approved by U.S. District Judge Samuel Mays Jr. in Memphis, Tennessee, where Morgan Keegan is based.
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