Suit Accuses Legg Mason Of False Statements

Law360, New York (October 17, 2006, 12:00 AM EDT) -- Legg Mason Inc. has been hit with a shareholder class action for its role in a multibillion-dollar unit swap with Citigroup Inc.

The suit, filed on behalf of shareholders by Lerach Coughlin Stoia Geller Rudman & Robbins LLP, alleges that Legg Mason executives inflated share price by making false and misleading statements about the company’s post-transaction projections.

The allegations stem from a June 2005 deal between Legg Mason and Citigroup Inc. in which Legg Mason would swap its brokerage unit and $2.1 billion in stock and...
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