Opinion ID: 799254
Heading Depth: 2
Heading Rank: 4

Heading: Trade Confirmations Sent to ARS Purchasers

Text: Each Morgan Keegan customer who purchased ARS received a trade confirmation after purchasing ARS. The trade confirmations primarily provide information about each transaction, including the security purchased, the price, the trade date, and the issuance and maturity dates of the security. Morgan Keegan's trade confirmations state, For information regarding the auction procedures refer to the Morgan Keegan website. Copies available upon request. The home page of Morgan Keegan's website is listed in the top right corner as www.morgankeegan.com. Although the trade confirmations refer to auction procedures, they do not refer to auction practices and procedures. Importantly for this case, the trade confirmations do not identify a specific web page on Morgan Keegan's website that contains its ARS auction practices and procedures. Morgan Keegan's trade confirmations also do not refer to liquidity risk. At best, the back side of the trade confirmations contain a generic statement that investments in securities involve investment risks. Specifically, the back side of each trade confirmation states, Securities are not deposits or obligations of any bank. . . . Investments in securities involve investment risks, including the loss of principal. [3] The trade confirmations state that (1) [i]f this or any transaction is in error or not in accordance with your understanding or instructions, please inform our Customer Service Department immediately, and (2) the transaction is conclusive and binding if not objected to in writing within ten business days.