Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, March 27, 2013

SEC and Morgan Keegan Directors Settle Enforcement Action

Investment News reports that the SEC has agreed in principle with eight former directors of five Morgan Keegan mutual funds to settle a civil enforcement action brought last December.  In the closely watched action, the SEC charged that the directors failed to exercise their responsibility to ensure accurate valuations of the assets in the funds, which included holdings in subprime mortgage-backed securities.  Investors in the funds lost more than $1 billion when the funds collapsed during the fiscal crisis.  InvNews, SEC settles high-profile case involving former directors of Morgan Keegan funds

http://lawprofessors.typepad.com/securities/2013/03/investment-news-reports-that-the-sec-has-agreed-in-principle-with-eight-former-directors-of-five-morgan-keegan-mutual-funds-t.html

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