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ATLANTA (July 1, 2011) – Agreeing with attorneys at Sutherland Asbill & Brennan LLP, a federal judge this week threw out charges filed by the U.S. Securities and Exchange Commission against Morgan Keegan & Company. Sutherland Partners Amelia Toy Rudolph and Peter J. Anderson and Associate Aaron S. Furniss represented the financial firm in a securities fraud lawsuit that was filed in the U.S. District Court for the Northern District of Georgia in 2009.
In his ruling, U.S. District Judge William S. Duffey Jr. cited inadequate support to the SEC’s argument that Morgan Keegan misled investors about the risks of auction rate securities between November 1, 2007, and March 20, 2008.
“We are extremely pleased with Judge Duffey’s decision in this case," said Sutherland Partner Peter Anderson. “We wholly agree with the court’s conclusion that ‘failure to predict the market does not amount to securities fraud.’ This ruling should have a significant impact on the securities industry, which has been under attack since the market collapse in 2008."
The case is Securities and Exchange Commission v. Morgan Keegan & Co. Inc., case number 1:09-cv-01965.
SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.