On June 22, 2011, the SEC announced that that Morgan Keegan & Company and Morgan Asset Management had agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. The settlement required Morgan Keegan to pay a total of $100 million to the SEC to be placed into a Fair Fund for the benefit of investors harmed by the violations, and to pay a separate $100 million into a state fund that also would be distributed to investors.
