Morgan Keegan, Others Settle MBS Claims

Law360, New York (April 28, 2011, 7:50 PM EDT) -- Morgan Keegan & Co. Inc., a Tennessee-based Regions Financial Corp. unit and others last week settled U.S. Securities and Exchange Commission allegations that they overstated the value of mortgage-backed securities.

Three parties involved in the SEC proceedings filed motions April 13 to settle "all major terms," with a fourth party having reached an agreement, according to an order from Administrative Law Judge Robert G. Mahony.

The SEC on April 7, 2010, publicly announced proceedings against Morgan Keegan, Morgan Asset Management Inc., portfolio manager James C. Kelsoe...
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