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Stock Market & Financial Investment News

News Breaks
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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December 19, 2014
18:17 EDTLMLegg Mason approved Trian to purchase 13% after Peltz exited board
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December 10, 2014
08:00 EDTLMLegg Mason reports preliminary November assets under management of $707.4B
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