5th Circ. Revives $9M Morgan Keegan Investor Award

Law360, Los Angeles (October 23, 2012, 10:11 PM EDT) -- The Fifth Circuit on Tuesday revived an investor group’s $9 million Financial Industry Regulatory Authority arbitration award against brokerage giant Morgan Keegan & Co. Inc. over a purported mutual fund investment fraud, saying there is no evidence that the investors’ expert witness intentionally misled arbitrators.

In an unpublished decision by a three-judge panel issued Tuesday, the appellate court reversed a Texas district court’s decision to vacate the FINRA panel’s arbitration award and issue attorneys’ fees to Morgan Keegan, saying the brokerage failed to prove that securities...
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