United Prison Ministries v Morgan Keegan - $220,000 (MKHIX) Award
In June 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $220,000 in damages including $20,000 in expert witness fees. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, violated the Alabama Securities Act, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX). Dr. O'Neal testified on behalf of the Claimant.