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...
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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

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