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January 27, 2014
12:06 EDTLMSEC charges Legg Mason affiliate with defrauding clients
The Securities and Exchange Commission announced sanctions against a California-based investment adviser for concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others. Western Asset Management Company, which is a subsidiary of Legg Mason, agreed to pay more than $21M to settle the SECís charges as well as a related matter announced today by the U.S. Department of Labor. According to an SEC order instituting settled administrative proceedings, Western Asset serves as an investment manager primarily to institutional clients, many of which are ERISA plans. Western Asset breached its fiduciary duty by failing to disclose and promptly correct a coding error that caused the improper allocation of a restricted private investment to the accounts of nearly 100 ERISA clients. In a separate order involving a different set of client accounts, the SEC finds that Western Asset engaged in a type of cross trading that was illegal. Reference Link
News For LM From The Last 14 Days
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August 3, 2015
08:14 EDTLMLegg Mason shares can double by 2020, says Citi
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July 31, 2015
07:39 EDTLMLegg Mason reports AUM of $699.2B at June 30, 2015
07:04 EDTLMLegg Mason reports long-term net inflows of $1.3B
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07:01 EDTLMLegg Mason reports Q1 adjusted EPS $1.14c, consensus 83c
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July 28, 2015
18:58 EDTLMLegg Mason to acquire majority equity interest in RARE Infrastructure
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