Morgan Keegan Owes Ex-NBA Star Grant $1.46M: Judge

Law360, New York (July 1, 2010, 6:43 PM EDT) -- A federal judge has denied Morgan Keegan & Co. Inc.'s bid to vacate a $1.46 million arbitration award handed to retired NBA star Horace Grant on grounds that arbitrators were biased against the securities broker-dealer, which Grant accused of selling “reckless” debt investment products.

Skipping oral arguments, Judge S. James Otera ruled Wednesday in the U.S District Court for the Central District of California that the award was consistent with California law, that the arbitrators made all requisite disclosures and that statements the brokerage pointed to...
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