On June 28th, the Northern District of Georgia entered summary judgment in favor of Morgan Keegan in the SEC's lawsuit alleging that Morgan Keegan made fraudulent misrepresentation in its marketing and sale of auction rate securities ("ARS"). Morgan Keegan made adequate written disclosure concerning the risks associated with ARS. The court found that the SEC's reliance on the statements of four investors who allegedly received contrary oral representations was inadequate, and that the SEC cannot base a claim on behalf of all ARS investors on the experiences of four people. SEC v. Morgan Keegan & Co. See also Wall Street Journal.