Miniaci v Morgan Keegan - $1,080,000 (MKIBX, RMA, RHY) Award
In June 2010, a FINRA arbitration panel in Ft. Lauderdale, FL ordered Morgan Keegan to pay $1,080,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The panel found Morgan Keegan "liable for unsuitability, negligence and failure to supervise." The claims related to Claimants' investments in the RMK Select Intermediate Bond Fund (MKIBX), RMK Advantage Income Fund (RMA) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.