Texas Justices Won't Review Morgan Keegan Securities Suit

Law360, Dallas (February 17, 2017, 3:41 PM EST) -- The Texas Supreme Court on Friday said it would not review wealth management and capital markets firm Morgan Keegan’s argument it was wrongly held liable for not telling investors the true risks of a mortgage-backed securities stake, leaving intact a $2.1 million judgment.

The court denied without comment a petition for review filed by Morgan Keegan & Co. Inc. that argued a lower appellate court “dramatically expanded liability under the Texas Securities Act” when it held the firm had violated state law by misrepresenting the true risks and speculative nature of securities bought by two bond funds managed by Morgan Asset...

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