A Morgan Keegan spokesman said the company "disagrees with the finding of the arbitration panel." He said "it's important to point out" that Stein and his companies sought more than $12 million and were awarded $2.5 million.
The company said that 80 cases involving the funds have been heard to date. Of those, 39 were dismissed, said a spokesman. Claimants in those 80 cases sought approximately $47 million in damages and have received $10.1 million in awards, according to the company. The company also said that an additional 114 cases seeking more than $24 million were dropped by claimants prior to their hearings. Morgan Keegan's spokesman acknowledged that the company also has settled cases related to the bond funds, but wouldn't disclose the number of settlements or other details.
A spokesman for Regions Financial directed a request for comment to Morgan Keegan.
Copyright (c) 2010, Dow Jones. For more information about Dow Jones' services for advisors, please click here.