On October 23rd, the Fifth Circuit reinstated a FINRA arbitration award issued in favor of investors in Morgan Keegan mutual funds. The trial court vacated the award as procured by fraud or, alternatively, that the arbitrators exceeded their powers. Reversing, the Fifth Circuit held that the award was not procured by fraud since Morgan Keegan could have discovered the allegedly "fraudulent" figures upon which the investors' expert relied. Among other things, the Court noted that that the figures were originally generated by Morgan Keegan. Moreover, the arbitrators did not exceed their power by including allegedly derivative and non-customer claims in the arbitration since the arbitration panel was empowered to decide which claims could be arbitrated. Morgan Keegan & Co., Inc. v. Garrett (Unpublished).