Legg Mason Unit To Pay $21M To Settle SEC Case

Law360, New York (January 27, 2014, 6:16 PM EST) -- Investment adviser and Legg Mason subsidiary Western Asset Management Co. has agreed to pay more than $21 million for allegedly failing to report investor losses and engaging in illegal cross trading, the U.S. Securities and Exchange Commission announced Monday.

The Pasadena, Calif.-based company had been brought into administrative proceedings after SEC investigators found that it never informed nearly 100 clients about a coding error that sent funds from a private investment into their accounts. The investment eventually plummeted in value, but the affected clients were neither...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.