Labaton Sucharow LLP Files Class Action Lawsuit on Behalf of Investors in the RMK Advantage Income Fund, RMK Strategic Income Fu

Labaton Sucharow LLP filed a class action lawsuit on May 19, 2010 in the United States District Court for the Western District of Tennessee, Memphis Division, on behalf of all persons who purchased or otherwise acquired shares in the following closed-end mutual funds (collectively, "Funds") between June 6, 2005 and July 14, 2009:

• RMK Advantage Income Fund ("RMA")
• RMK Strategic Income Fund ("RSF")
• RMK High Income Fund ("RMH")
• RHY Multi-Sector High Income Fund ("RHY")

If you have lost in excess of $200,000 on purchases of any of these Funds and would like to consider serving as Lead Plaintiff, or have any questions about the lawsuit, please contact Stefanie J. Sundel, Esq., of Labaton Sucharow at 888-753-2796, or via email at [e-mail].

Lead Plaintiff motion papers must be filed with the United States District Court for the Western District of Tennessee no later than June 28, 2010. A Lead Plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.

The complaint is seeking to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and names as defendants Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., Regions Financial Corp., RMK Advantage Income Fund, Inc., RMK Strategic Income Fund, Inc., RMK High Income Fund, Inc., RHY Multi-Sector High Income Fund, Inc., Carter E. Anthony, Allen B. Morgan, Jr., Joseph Weller, James Stillman R. Mcfadden, Archie W. Willis, III, Mary S. Stone, W. Randall Pittman, J. Kenneth Alderman, J. Thompson Weller, James C. Kelsoe, Jr., David H. Tannehill, Jack R. Blair, Albert C. Johnson, Charles D. Maxwell, and PricewaterhouseCoopers, L.L.P. (collectively, "Defendants").    

The complaint alleges that Defendants concealed the Funds' investments in poor-quality asset-backed securities ("ABS"), leveraged many times over by complex capital structures. Defendants affirmatively misrepresented that the securities it held in the Funds were corporate bonds and preferred stocks. Contrary to the Company's assertions that investors in the Funds suffered losses as a result of a "mortgage meltdown," the complaint alleges the Funds collapsed because they held concentrated holdings of low-priority tranches of ABS. Defendants did not fully or accurately inform investors in the Funds of the risks inherent in the subordinated ABS tranches until after some $1 billion in losses were incurred. Defendants also misled investors by repeatedly comparing the performance of the Funds to the Lehman Brothers Ba U.S. High-Yield Index, which contained only corporate bonds, wholly distinct from ABS. Defendants' conduct has prompted regulatory enforcement actions or investigations by at least five state regulators, FINRA, and the SEC. On July 9, 2009, the SEC served Regions Financial Corp., Morgan Keegan's parent company, with a Wells Notice, which notified Regions that the SEC would commence an enforcement action.

If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

Plaintiff is represented by the law firm of Labaton Sucharow LLP. Labaton Sucharow is one of the country's premier national law firms that represent institutional and individual investors in class action, complex securities and corporate governance litigation. Significantly, Labaton Sucharow is court-appointed lead counsel in the securities fraud class actions pending against two mutual funds sponsored by Oppenheimer Funds, Inc., and has developed an expertise in class action cases on behalf of mutual fund investors. The Firm has been a champion of investor rights for more than 40 years and has been recognized for its reputation for excellence by the courts. More information about Labaton Sucharow is available at www.labaton.com.

CONTACT:  Labaton Sucharow LLP
          Stefanie J. Sundel, Esq.
          888-753-2796
          [e-mail]