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Fairfax reaches settlement with Morgan Keegan on stock manipulation lawsuit

Fairfax Financial Holdings Ltd. announced that Morgan Keegan & Co. LLC paid $20 million to settle claims against it in a 2006 lawsuit seeking damages for the alleged manipulation of Fairfax stock.

Fairfax said it will continue to pursue claims against other defendants.

The lawsuit was dismissed in 2012 because the damages sought were not supported by New Jersey law.

However, the case was revived in 2017 after a New Jersey state appeals court ruled that the trial judge who dismissed the claims against Steve Cohen and S.A.C. Capital Advisors LP acted too quickly and did not fully take into account the vast amount of evidence and documents considered over the course of the legal proceedings. Fairfax was also allowed to pursue claims against Exis Capital Management and Morgan Keegan.