Morgan Keegan Victims Say SEC Failed To Hand Over $100M

Law360, New York (July 26, 2013, 6:37 PM EDT) -- Customers of Morgan Keegan & Co. Inc. on Thursday hit the U.S. Securities Exchange Commission with a suit in Mississippi federal court accusing the regulator of arbitrarily delaying distribution of $100 million of a 2011 settlement involving mortgage-backed securities fraud, alleging that investors have suffered from flaws in the SEC's Fair Fund system.

Repeated delays in divvying $100 million — half of the settlement — among victims of Morgan Keegan's alleged scheme to inflate the value of the mortgage-backed securities is indicative of long-standing maladies in...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Pittman et al v. United States Securities and Exchange Commission


Case Number

3:13-cv-00462

Court

Mississippi Southern

Nature of Suit

Other Statutes: Administrative Procedures Act/Review or Appeal of Agency Decision

Judge

Henry T. Wingate

Date Filed

July 25, 2013

Law Firms

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.