(Reuters) - A federal appeals court on Wednesday revived a U.S. Securities and Exchange Commission lawsuit accusing Morgan Keegan & Co of fraudulently misleading investors about the safety of auction-rate securities it sold.
The 11th U.S. Circuit Court of Appeals in Montgomery, Alabama, said a federal district judge in Atlanta erred in finding that the alleged misrepresentations made by Morgan Keegan brokers about the debt were not material. It sent the case back to the district court for more proceedings.
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