CountryMark Cooperative filed a federal lawsuit in Indianapolis last week against Morgan Keegan (the brokerage subsidiary of Regions Financial Corp.) alleging violations of state and federal securities laws. CountryMark contends that Morgan Keegan, its advisor, invested $10 million into mortgage-backed securities that contained subprime loans.
According to the Indianapolis Star, the co-op alleges that its $10 million note is in default and worthless because no trading market exists for it.
The CountryMark suit is the latest in a growing list of lawsuits and arbitrations filed against Morgan Keegan by investors. As the subprime mortgage loan crisis continues, it can be expected that more and more investors will become aware of investment losses and will seek counsel. Maddox Hargett & Caruso, P.C. has investigated these practices and has been retained by a number of investors seeking to recover their investment losses.
If you have suffered losses at Morgan Keegan through investments containing mortgage-backed securities, we encourage you to contact us immediately so that we can evaluate the facts and circumstances surrounding how those investments were presented to you and whether this investment was appropriate for your investment portfolio.