The SEC wants to take a closer look at Morgan Keegan's mutual funds, in light of the flurry of lawsuits filed recently over claims the funds misrepresented or failed to disclose material facts relating to their investment activities.

In a filing with the SEC, Morgan's parent company, Regions Bank, says the company has received requests from the SEC regarding the pending legislation.

The suits, filed between December and January, pertain to heavy losses in the Morgan Keegan Select Intermediate Bond Fund and the Regions Morgan Keegan Select High Income Fund. (see: "Morgan Keegan, Fund Manager Face FINRA Arbitration Complaints over Bond Fund Losses", MFWire January 8, 2008 and "Morgan Keegan is Slapped with 4 More Suits Over Bond Fund Losses", MFWire January 25, 2008)

State Street has also seen similar lawsuits over losses in it's bond funds.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE