Former NBA great Horace Grant has reportedly filed a $3 million securities arbitration claim against the power-house investment firm Morgan Keegan & Co. Inc.
In September 2009, a judgment for $1.46 million was awarded in Grant’s favor. Though granted by the FINRA (Financial Industry Regulatory Authority) panel, no payment has been issued as Morgan Keegan appeals the process.
Memphis based Morgan Keegan has characterized the claim as “frivolous”, as his accounts reported a profit on his investments of $250,000 last year. As the brokerage division of Regions Financial Corp. (NYSE:RF), Morgan Keegan is accustomed to dealing with this ever growing financial issue.
Grant’s Attorney, Chicago based Andrew Stoltmann describes his client’s situation:
“Instead of receiving the benefit owed to him through his 17 years in the NBA, Mr. Grant has been forced to take his pension in a lump sum because of his losses caused by Morgan Keegan and the subsequent frivolity and malicious abuse of the legal process thereafter.”
As the appellate process has dragged on, Grant has been forced to cash in on his NBA pension, intended for health care, and investment once retired. Grant is currently 45 years old.
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