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Stock Market & Financial Investment News

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December 13, 2012
07:13 EDTLMLegg Mason says to take non-cash impairment charges of $650M-$750M
Concurrently with Permal's acquisition of Fauchier Partners, Legg Mason announced in a Current Report on Form 8-K filed with the Securities and Exchange Commission that the company has modified its employment and other arrangements with the management of Permal Group. Legg Mason also announced that on December 12 it concluded that it will take aggregate non-cash impairment charges in the range of $650M-$750M, or $460M-$550M after net tax benefits, for impairment of two significant indefinite-life fund management contract intangible assets.
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