{"id":1147,"date":"2012-10-30T18:03:47","date_gmt":"2012-10-30T18:03:47","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/10\/court_upholds_exnba_star_horac"},"modified":"2022-03-09T16:29:09","modified_gmt":"2022-03-09T22:29:09","slug":"court-upholds-exnba-star-horac","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/court-upholds-exnba-star-horac\/","title":{"rendered":"Court Upholds Ex-NBA Star Horace Grant’s $1.46M FINRA Arbitration Award from Morgan Keegan & Co. Over Mortgage-Backed Bond Losses"},"content":{"rendered":"

\t\t\t\tThree years after the Financial Industry Regulatory Authority awarded former Chicago Bulls forward Horace Grant a $1.46 million arbitration award in his securities claim against Morgan Keegan & Co.<\/a>, the U.S. Court of Appeals for the Ninth Circuit has upheld that ruling. Grant, who had suffered mortgage-backed bond losses, accused the brokerage firm of not disclosing to him that his investments were not suitable for him, withholding information about the actual risks involved, and failing to supervise the fund manager. Morgan Keegan is now part of Raymond James Financial Inc. (RJF)<\/a>.<\/p>\n

Grant bought the majority of the funds through his account with Morgan Keegan in 2004 when the brokerage firm owned the sports agency that represented him. The mortgage-backed bond funds were among a group of investment products that took huge losses in value in 2007 and 2008 when the subprime market failed.<\/p>\n

Hundreds of investors proceeded to file similar mortgage-backed bond losses claims against Morgan Keegan, which finally agreed to settle with regulators for $200 million the allegations that it had inflated the value of the high-risk subprime securities that the funds held. James Kelsoe, a fund manager who is accused of purposely inflating the subprime securities’ value, would later to agree to an industry bar by the SEC and consent to pay a $500,000 penalty.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Three years after the Financial Industry Regulatory Authority awarded former Chicago Bulls forward Horace Grant a $1.46 million arbitration award in his securities claim against Morgan Keegan & Co., the U.S. Court of Appeals for the Ninth Circuit has upheld that ruling. Grant, who had suffered mortgage-backed bond losses, accused the brokerage firm of not […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798,3752,3858,3758],"tags":[],"class_list":["post-1147","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-financial-firms","category-morgan-keegan","category-raymond-james"],"yoast_head":"\nHorace Grant's Arbitration Award Upheld Over Mortgage-Backed Bond Losses | Securities Fraud Attorney<\/title>\n<meta name=\"description\" content=\"Former Chicago Bulls forward Horace Grant arbitration award in his securities claim over mortgage-backed bond losses has been upheld.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/court-upholds-exnba-star-horac\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Horace Grant's Arbitration Award Upheld Over Mortgage-Backed Bond Losses | Securities Fraud Attorney\" \/>\n<meta name=\"twitter:description\" content=\"Former Chicago Bulls forward Horace Grant arbitration award in his securities claim over mortgage-backed bond losses has been upheld.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Horace Grant's Arbitration Award Upheld Over Mortgage-Backed Bond Losses | Securities Fraud Attorney","description":"Former Chicago Bulls forward Horace Grant arbitration award in his securities claim over mortgage-backed bond losses has been upheld.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/court-upholds-exnba-star-horac\/","twitter_card":"summary_large_image","twitter_title":"Horace Grant's Arbitration Award Upheld Over Mortgage-Backed Bond Losses | Securities Fraud Attorney","twitter_description":"Former Chicago Bulls forward Horace Grant arbitration award in his securities claim over mortgage-backed bond losses has been upheld.","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/court-upholds-exnba-star-horac\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/court-upholds-exnba-star-horac\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Court Upholds Ex-NBA Star Horace Grant’s $1.46M FINRA Arbitration Award from Morgan Keegan & Co. 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