Morgan Keegan & Company, Inc./Regions Financial Corporation : RMK Advantage Income Fund (RMA) : RMK Strategic Income Fund (RSF) : RMK High Income Fund (RMH) : RHY Multi-Sector High Income Fund (RHY) Summary: According to the complaint filed April 08, 2010, The Defendants misled investors via the Funds’ S.E.C. filings and marketing materials by comparing their closed-end mutual funds to competitor’s. This comparison was materially misleading because the competitor’s index contained no asset-backed securities, unlike the Defendant’s funds, which contained substantial amounts of asset-backed securities.
On December 15, 2010, an Order Appointing Lead Plaintiff and Lead Counsel and Consolidating Cases was issued by the Court.
On February 22, 2011, a Consolidated Amended Class Action Complaint for Violations of the Federal Securities Laws was filed with the Court by the lead plaintiffs against the defendants.
On March 30, 2012, the Court issued an Order Granting in Part and Denying in Part Defendants' Motions to Dismiss.
On January 4, 2013, the Court issued an Order preliminarily approving the settlement.
On August 5, 2013, the Court issued an Order granting final approval of the Settlement and awarding attorneys' fees and expenses.
SIC Code: 6211
Industry: Investment Services
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