When a Financial Industry Regulatory Authority arbitration panel denied a $2.2 million claim brought by 22 investors against Morgan Keegan & Company's seven embattled funds in March, it was a surprise to the claimants' attorney, Paul J. Dobrowski.

That's because Dobrowski, a partner at Houston law firm Dobrowski LLP, won a $9.2 million arbitration award for another group of 43 investors against Morgan Keegan's funds in October. Some individuals were claimants in both cases. Now, after Morgan Keegan has been ordered to pay $200 million to investors to settle charges surrounding its funds, Dobrowski says that having had evidence of the regulators' findings before could have changed the outcome.

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