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May 05, 2015 10:51 AM ET

Capital Markets

Company Overview of Morgan Keegan & Company, Inc.

Company Overview

Morgan Keegan & Company, Inc. engages in wealth management and capital market businesses. The company offers investment products and services, and investment planning and advice. It provides securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance products to individual clients. The company also offers equity research covering approximately 1,000 companies in 8 industries; securities brokerage, trading, and research services to institutions, primarily on sale of the U.S. and Canadian equities and fixed income products; and manages and participates in underwritings, merger and acquisition services, and public finance activities. In addi...

Morgan Keegan Tower

50 North Front Street

Memphis, TN 38103

United States

Phone:

901-524-4100

Fax:

901-524-4197

Key Executives for Morgan Keegan & Company, Inc.

Chief Executive Officer
Age: 58
President and Chief Operating Officer
Age: 49
Chief Financial Officer, Secretary and Treasurer
Age: 59
Executive Managing Director and President of Equity Capital Markets Division
President of Private Client Group Division
Compensation as of Fiscal Year 2014.

Morgan Keegan & Company, Inc. Key Developments

Morgan Keegan & Co. and Armstrong Teasdale to Pay Total of $8.25 Million Class Action in the Settlement

Morgan Keegan & Co. and general counsel Armstrong Teasdale will pay a total of $8.25 million in the settlement. The settlement was previously announced, but not the financial terms. About $5.2 million will eventually be distributed to investors after legal and other fees are paid, according to a March 11, 2015 filing with the court that seeks preliminary approval of the settlement, its plan of allocation, and the notice to bondholders who will be asked to accept or reject the settlement. Investors accused the firms of wrongdoing in connection with their roles in the sale of $39 million of defaulted bonds for the failed sucralose factory. The failed plant's project head, Bruce Cole, who is serving a prison term in connection with his role, was also named as a defendant. The jury was seated for the trial before U.S. District Court Judge Nanette K. Laughrey at the federal courthouse in Jefferson City when the settlement was announced in mid-January. The terms were not disclosed at the time as final details were being laid out in a proposed order that would allow for information to be distributed to investors who participated in the class. The agreement settles all claims of the lawsuit. Counsel for the class will receive about 33% of the settlement and some additional expenses if the pact wins final approval. Morgan Keegan was also charged with negligence, a charge not leveled at Armstrong Teasdale. The litigation accused Morgan Keegan of making false statements by email and in conversations with potential buyers and argued that if the firm and Armstrong Teasdale had conducted proper due diligence they would have discovered misrepresentations made by Mamtek US about its Chinese operations.

Morgan Keegan Settles $39 Million Federal Lawsuit

Attorneys announced an investment firm has settled a federal lawsuit accusing it of bilking investors out of $39 million in a failed effort to build an artificial sweetener plant in Missouri. The settlement was announced on January 14, 2015 the same day the lawsuit against Morgan Keegan was set for trial. The lawsuit sought returns of investments from 133 people who bought $39 million in bonds between July 2010 and September 2011. Morgan Keegan purchased the bonds as the underwriter and sold them to investors, but the company later defaulted on bond payments and the factory never was built.

U.S. District Judge Allows Class Action in Mamtek Lawsuit

U.S. District Judge Nanette Laughrey ruled that a federal securities fraud lawsuit related to the sale of bonds for the failed Mamtek factory project in Moberly, Missouri, can proceed as a class action. The six-count suit, filed in October 2012 by John Cromeans of Alabama against Morgan Keegan and its legal adviser on the deal, Armstrong Teasdale, seeks to recover his losses and those of 132 other investors who bought $39 million in bonds. Laughrey said in her 31-page order that class action is the most efficient way to resolve the questions of law and fact common to all bond purchasers. Mamtek received $39 million in industrial development bonds from the city of Moberly to help finance an artificial sweetener facility. Morgan Keegan, which had purchased the bonds as an underwriter, sold them to investors. The plant was never built, Mamtek defaulted on the debt in August 2011 and the city of Moberly defaulted on its bonds. The plant was never built, Mamtek defaulted on the debt in August 2011 and the city of Moberly defaulted on its bonds. In six charges in his suit, Cromeans alleges negligent underwriting, negligent misrepresentation, fraudulent misrepresentation and omissions, violations of the state's 'Blue Sky Law,' as well as improper receipt of money for fraudulent investments and unjust enrichment. However, the class action will be limited to the negligent underwriting allegation, made only against Morgan Keegan, and allegations against both defendants of violations of the Blue Sky Law.

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