Morgan Keegan agreed to pay over $630,000 to 10 ERISA pension plans after an investigation by the US Department of Labor, according to the Department’s press release. The investigation found that Morgan Keegan violated federal law when it recommended certain hedge funds to the pension plans.
The press release went on to state that Morgan Keegan will now disclose to all of the ERISA plans it works with if indeed Morgan Keegan is acting as a fiduciary to them and what exactly that role entails. Morgan Keegan also must disclose all fees it has collected in conjunction with the pension plans and refund any third party fees collected to the pension plans.
If you or someone you know has lost money as a result of a Morgan Keegan product, please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.