Birmingham-based Regions Financial Corp said that it may consider selling Morgan Keegan. Analysts suggest that the investment unit of Regions may sell for as much as $1.5 billion. Currently, Regions owed the Treasury Department approximately $3.5 billion in funds recieved from the TARP Program. The announcement regarding the potential sale came soon after regulators announced that Morgan Keegan agreed to pay $210 million in penalties for the marketing and sale of the RMK Funds. The state and federal regulators concluded that Morgan Keegan misled investors about the risks of the funds and that they also misrepresented and omitted material facts about the funds. Morgan Keegan neither admitted or denied the regulatory findings.
If you or someone you know lost money in the RMK bond funds, please contact the attorneys at The Frankowski Firm at 888-741-7503 to discuss your potential legal remedies.