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SEC, Texas Probe Morgan Keegan Over Muni Bond Sales

Law360, New York (May 9, 2013, 4:22 PM EDT) -- Regions Financial Corp. on Wednesday said its former Morgan Keegan unit is under investigation by the U.S. Securities and Exchange Commission and the states of Missouri and Texas over alleged securities law violations involving municipal bonds.

In an SEC filing, Regions said brokerage and investment banking firm Morgan Keegan, which it sold in 2012 to Raymond James Financial Inc. for $930 million, is under scrutiny for purportedly violating securities laws in the underwriting and sale of certain municipal bonds.

Under the terms of the deal that sent Morgan Keegan to Raymond James, Regions agreed to indemnify Raymond James for all legal...

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