MONTGOMERY, Ala. (AP) — More than 5,800 Alabama investors in Morgan Keegan & Co. will soon find checks in their mailboxes totaling $14 million.
Alabama Securities Commission Director Joe Borg said the checks are the result of a recent settlement with Morgan Keegan that stemmed from a multi-state investigation. The investigation involved seven mutual bond funds created by Morgan Keegan and sold by its agents. The seven funds lost about $1.5 billion in 2007 and 2008.
Borg said the reimbursement fund administrator, A.B. Data Ltd., starting mailing checks Monday from the States' Fund set up by the settlement. The checks are going to 5,837 Alabama investors who filed an approved claim.
Borg said the Securities and Exchange Commission will distribute other settlement funds later.