Statement from Sutherland Asbill & Brennan Partners Peter J. Anderson and Deborah G. Heilizer on behalf of Ken Alderman and Allen Morgan

WASHINGTON--(BUSINESS WIRE)--“The SEC’s announcement today that it is bringing an enforcement action against the board of directors of the RMK Funds more than five years after the fact is troubling. The SEC seeks to impose liability for alleged failures to meet never-before-articulated standards for director involvement in day-to-day fund operations. As the worst financial crisis in decades unfolded, Ken Alderman and Allen Morgan diligently performed their duties as directors in accordance with all relevant standards and, critically, in accordance with the SEC’s existing guidance. Messrs. Alderman and Morgan will vigorously defend themselves against these misguided and unfounded charges.”