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Legg Mason to pay $64.2M in FCPA case

Jaclyn Jaeger | June 7, 2018

Investment management firm Legg Mason entered a non-prosecution agreement and agreed to pay $64.2 million to resolve an investigation into violations of the Foreign Corrupt Practices Act concerning its participation in a Libyan bribery scheme, the Department of Justice announced Monday.

Legg Mason disclosed in a securities filing on May 30 that it had expected to soon complete negotiations with both the Department of Justice and the SEC to resolve the FCPA case. According to Legg Mason’s admissions, between 2004 and 2010, a Legg Mason subsidiary, Permal Group, partnered with Société Générale to solicit business from state-owned financial institutions in Libya. During this time, Société Générale paid bribes through a Libyan “broker” in connection with 14 investments made by Libyan state-owned financial institutions. For each transaction...

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