The former directors of the Regions Morgan Keegan funds have agreed to settle with the SEC over valuation charges. A joint motion filed yesterday stated that the directors had agreed with SEC staff in principle to a settlement on all major terms. The settlement still must be approved by the full Commission. The Administrative Law Judge has delayed the start of the administrative proceeding pending the Commission's determination whether to accept the settlement.
The SEC filed an action in December 2012 against these eight former directors, alleging that they failed to satisfy their statutory obligation to value properly securities held in the fund portfolios. Additional information, including all filings, can be found here (member log-in required).