Shareholders accuse WSB Financial Group (Westsound Bank) of fraudulently selling $40.5 million in securities by concealing that it was violating banking laws in its mortgage loans. Also sued in Seattle Federal Court are DA Davidson & Co., Richard Christopherson, Mark Freeman, Brett Green, David Johnson, James Lamb, Brian McClellan, Dean Reynolds, Donald Tucker, Louis Weir, and Larry Westfall. See complaint.
Shareholders accuse Morgan Keegan & Co. of securities fraud. Also sued in Memphis Federal Court are Morgan Asset Management, Regions Financial Corp., Morgan Keegan Select Fund, RMK Multi-Sector High Income Fund, MK Holding, Carter Anthony, Allen Morgan Jr., Joseph Weller, James McFadden, Archie Willis III, Mary Stone, W. Pittman, J. Alderman, Brian Sullivan, J. Weller, Charles Maxwell, James Kelsoe Jr., David Tannehill, Michele Wood, Albert Johnson, and PricewaterhouseCoopers LLP.