Ex-Morgan Keegan Fund Directors to Settle SEC Claims
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Eight former Morgan Keegan & Co. mutual-fund directors agreed to settle U.S. regulatory claims that they allowed assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.
The settlement outlined today in a Securities and Exchange Commission administrative order would resolve claims filed by the agency in December 2010. A hearing set for April 2 has been stayed, according to the order.