A FINRA arbitration panel has shot down a $2.2 million claim made by investors attempting to recover losses from bond funds sold by Morgan Keegan & Co., in a decision poised to spark further litigation.
The case involves a group of 22 investors, who first brought the claim to FINRA in December 2009, alleging breach of fiduciary duty, misrepresentations, statutory fraud, common law fraud and violations of the Texas Security Act, a FINRA ruling dated March 9 shows.
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