Page Perry

The U.S. Department of Labor (DOL) has ordered Morgan Keegan to pay $633,715 to 10 pension plans that were victimized by a scheme in which Morgan Keegan received kickback payments for recommending funds of hedge funds to plan clients, according to an (See InvestmentNews article entitled “Morgan Keegan ripped by DOL over kickbacks”). Morgan Keegan’s activities, which took place between April 2001 and November 2008, allegedly violated the Employee Retirement Income Security Act of 1974 (ERISA).