A series of victories by Morgan Keegan & Co. is calling into question who can be considered a "customer" in securities arbitration cases.

Most recently, a case involving a partner in the Lion Fund, a hedge fund, led to an award totaling $206,000 for Corbin Robertson III for personal losses stemming from a group of money-losing bond funds tied to allegations of fraud. The award was a small fraction of the $4.9 million he and the fund sought from a securities arbitration panel.

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