Frustration And Unrest Results In Another Class Action Lawsuit

As yet another sign of investor unrest and frustration, a class action lawsuit has been filed against Memphis-based Morgan Keegan alleging that investors were not informed about risky investments in four separate mutual funds that resulted in over $1 billion in losses.

The lawsuit was filed in U.S. District Court in Memphis claiming violation of federal securities laws on May 19.

Morgan Keegan, which is owned by Birmingham, Ala.-based Regions Financial Corp said the filing is similar to other class action lawsuits that are still pending in court and there are no new allegations.