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Legg Mason accrues $67M charge to earnings for FCPA matter

Jaclyn Jaeger | May 31, 2018

U.S. investment management firm Legg Mason disclosed in a securities filing on May 30 that it expects to soon complete negotiations with both the U.S. Department of Justice and the SEC to resolve a Foreign Corrupt Practices Act investigation.

The investigation concerns “the activities of our former Permal business in connection with managing assets of Libyan governmental entities in structures established by a third-party financial institution,” the securities filing stated. “Those investments were made in calendar years 2005 to 2007, and all were terminated no later than 2012.”

Legg Mason added that the matter “does not relate to any of our or our affiliates’ current business activities or client relationships and has focused on the actions of former employees of Permal who left that firm four or more years ago. Based on discussions to date, we believe that any...

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