updated 12/1/2010 9:15:50 PM ET 2010-12-02T02:15:50

ATLANTA, Dec. 1, 2010 (GLOBE NEWSWIRE) -- On December 1, 2010, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded damages and assessed costs against Regions Financial Corp.'s (RF) brokerage unit, Morgan Keegan & Company, Inc. The case is Lingle v. Morgan Keegan, FINRA Case No. 10-02449. The fund found subject to the award was the Regions Morgan Keegan Select High Income Fund (MKHIX), now the Helios Select High Income Fund (HIFAX).

Firm principal Jim Dunlap commented on the award saying, "The claim was made difficult in several ways, including the fact that the claimant first contacted Morgan Keegan and purchased the funds over the telephone. As a result, Morgan Keegan claimed the purchase was not recommended. However, we were able to convince the panel that Morgan Keegan improperly concentrated 100% of a now 66 year-old retiree's portfolio in one single, junk-rated, speculative grade fund, filled with more than 60% extremely risky and illiquid lower-tranche structured mortgage industry products. The SEC and federal courts have held this violates a broker's duty to recommend suitable investments embodied in FINRA Rule 2310. My client was definitely pleased with the win." Morgan Keegan was represented by Parker, Rainer, Hudson & Dobbs LLP of Atlanta, Georgia.

James A. Dunlap Jr. & Associates LLC has filed arbitration claims on behalf of other investors in the Regions Morgan Keegan Bond Funds. The arbitration claims involve losses in the following funds:

Formerly RMK High Income Fund --- RMH/Now Helios High Income Fund--- HIH

Formerly RMK Multi-Sector High Income Fund---RHY/Now Helios Multi-Sector High Income Fund --- HMH

Formerly RMK Advantage Income Fund --- RMA/Now Helios Advantage Income Fund ---- HAV

Formerly RMK Strategic Income Fund --- RSF/Now Helios Strategic Income Fund ---- HSA

Formerly Regions MK Select High Income-C --- RHICX

Formerly Regions MK Select High Income-A --- MKHIX/Now Helios Select High Income Fund --- HIFAX

Formerly RHIIX---Regions MK Select High Income-I

Formerly RIBCX---Regions MK Select Intermediate Bond Fund-C

Formerly Regions MK Select Intermediate Bond Fund --- MKIBX/Now Helios Select Intermediate Income Fund --- HSIBX

Formerly RIBIX Regions MK Select Intermediate Bond Fund-I        

Information about the Morgan Keegan fund claims can be reviewed at http://www.jamesdunlaplaw.com/cms.php?id=36 .

If you money in the Morgan Keegan Bond Funds, please contact James A. Dunlap Jr. & Associates LLC at 404-354-2363 for a free consultation. You may visit the firm's web site at http://www.jamesdunlaplaw.com.

CONTACT:  James A. Dunlap Jr. & Associates LLC
          Jim Dunlap, Principal
          Fax: 404-745-0195
          801 W Conway Drive NW
          Atlanta, Georgia 30327

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