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Morgan Keegan & Co.

Memphis-based Morgan Keegan & Co., the brokerage arm of Regions Financial Corp., is at the center of numerous investor complaints, lawsuits and regulatory investigations that claim the brokerage firm failed to disclose the risks of a select group of Morgan Keegan open-end and closed-end bond funds. Investors who purchased the bond funds thought they were investing in a diversified portfolio of relatively conservative corporate bonds and preferred stocks. Instead, the funds contained huge concentrations of volatile, high-risk securities tied to subprime mortgage loans and other speculative derivative debt.

On July 29, 2008, Hyperion Brookfield Asset Management, Inc. acquired seven of the troubled bond funds from Morgan Keegan. In January 2009, Hyperion, whose brand name is Helios, announced new names for the funds to reflect the change in management. The new names are:

  • Helios Advantage Income Fund, Inc. (NYSE: HAV) formerly, RMK Advantage Income Fund, Inc. (NYSE: RMA)

  • Helios High Income Fund, Inc. (NYSE: HIH) formerly, RMK High Income Fund, Inc. (NYSE: RMH)

  • Helios Multi-Sector High Income Fund, Inc. (NYSE: HMH) formerly, RMK Multi-Sector High Income Fund, Inc. (NYSE: RHY)

  • Helios Strategic Income Fund, Inc. (NYSE: HSA) formerly, RMK Strategic Income Fund, Inc. (NYSE: RSF)

  • Helios Select High Income Fund (Class A Shares: HIFAX) formerly, Regions Morgan Keegan Select High Income Fund (Class A Shares: MKHIX)

  • Helios Select Intermediate Bond Fund (Class A Shares: HSIBX) formerly, Regions Morgan Keegan Select Intermediate Bond Fund (Class A Shares: MKIBX)

  • Helios Select Short Term Bond Fund (Class A Shares: MSBIX) formerly, Regions Morgan Keegan Select Short Term Bond Fund (Class A Shares: MSBIX)

Individual and institutional investors in Morgan Keegan bond funds may have valid claims against the investment professionals who sold or recommended certain Morgan Keegan investments. For a free initial consultation regarding your investment, contact Mark Maddox. We can evaluate your situation to determine if you have a claim.

Morgan Keegan, Cases Under Investigation
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