In re Regions Morgan Keegan Closed-End Fund Litigation
We reached a $62 million settlement in a victory for investors taking on mutual funds.
On August 5, 2013, the Honorable Samuel H. Mays, Jr. of the United States District Court for the Western District of Tennessee, Western Division granted final approval to the $62 million cash settlement with Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., MK Holding, Inc., Regions Financial Corporation, the Closed End Funds (defined below), James C. Kelsoe, Jr., Carter E. Anthony, Brian B. Sullivan, Joseph Thompson Weller, Allen B. Morgan, Jr. and J. Kenneth Alderman in the class action, In re Regions Morgan Keegan Closed-End Fund Litigation, No. 07-cv-02830 SHM dkv.The Settlement resolves all claims in the action.
Labaton Sucharow is the court-appointed Lead Counsel for Lead Plaintiffs and the Class.
Lead Plaintiffs, on behalf of the Class, alleged that, among other things, Defendants misrepresented the types of assets and the true value of the assets in which the Closed-End Funds invested.The Closed-End Funds are the RMK High Income Fund, Inc., ("RMH"); RMK Strategic Income Fund, Inc., ("RSF"); RMK Advantage Income Fund, Inc., ("RMA"); and RMK Multi-Sector High Income Fund, Inc. ("RHY").
If you purchased or otherwise acquired the publicly traded shares of: (i) RMH between June 24, 2003 and July 14, 2009, inclusive; (ii) RSF between March 18, 2004 and July 14, 2009, inclusive; (iii) RMA between November 8, 2004 and July 14, 2009, inclusive; and (iv) RHY between January 19, 2006 and July 14, 2009, inclusive, or pursuant or traceable to the Registration Statement, Prospectus, and Statement of Additional Information filed by RHY on or about January 19, 2006 with the SEC, you must submit a validly completed Proof of Claim with supporting documents by May 20, 2013, in order to receive a payment from the Settlement.
A settlement hearing was held on April 12, 2013, at 9:30 a.m. before Judge Mays at the United States District Court for the Western District of Tennessee, Western Division, in the Clifford Davis/Odell Horton Federal Building, 167 North Main Street, 11th Floor, Courtroom 2, Memphis Tennessee, 38103.The deadline for objecting to the Settlement or for seeking exclusion from the Class has passed.
Copies of relevant settlement documents can be accessed by clicking on the links to the right.