From WSJ: …Six former directors of Morgan Keegan Inc. mutual funds
"abdicated" their responsibilities, says the Securities and Exchange
Commission. A civil enforcement action filed in December against the directors
and two former Morgan Keegan employees who were directors of the same funds is
headed for an April 2 hearing by a judge.
People familiar with the case say both sides are in
settlement talks, though terms of the potential deal aren't clear. The former
directors deny any wrongdoing. Deal or no deal, legal experts say the case
already is making waves across the mutual-fund industry. It is a "stark
warning" that the SEC is revving up its scrutiny of mutual-fund directors
and is likely to hold them more accountable than the agency has in the past,
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