Reuters: Regulatory News: Federal appeals reinstates $9.2 million Morgan Keegan ruling

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Federal appeals reinstates $9.2 million Morgan Keegan ruling Oct 23rd 2012, 20:12 Tue Oct 23, 2012 4:12pm EDT Oct 23 (Reuters) - A federal appeals court on Tuesday reinstated a $9.2 million securities arbitration ruling against Morgan Keegan & Co stemming from a group of bond funds that became the subject of a civil fraud action by regulators. The U.S. Court of Appeals for the 5th circuit ruled that a district court's decision to throw out the arbitration award was made in error, according to an opinion released Tuesday. U.S. District Court Lynn Hughes in Houston ruled in September, 2011, that the arbitration ruling should be thrown out because, in part, it was obtained through the alleged "fraudulent" testimony of a prominent expert witness.

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