Morgan Keegan Securities Suit Sent To State Court

Law360, New York (November 13, 2009, 1:35 PM EST) -- A suit launched by 26 Alabama residents who claim Morgan Keegan & Co. Inc. misled them into believing funds invested in mortgage-backed securities and shaky financial institutions were safe investments is headed back to state court, a federal judge has ruled.

Judge Myron H. Thompson of the U.S. District Court for the Middle District of Alabama granted the plaintiffs’ motion to remand the suit on Thursday, finding that claims related to federal law were at most a background issue in their case.

“The court is of...
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