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 resolution of this matter will not result in restrictions on our or our affiliates’ ongoing business activities.”

Legg Mason said it has accrued a $67 million charge to earnings for this matter in the year ended March 31, 2018, “representing its current estimated liability for the settlement. This accrual reflects, in part, the net revenues of approximately $31 million earned by our former Permal business from managing assets of Libyan governmental entities.”

The actual settlement amount remains uncertain and may be higher than the amounts it has currently accrued. Any such resolution, Legg Mason said, is subject to the final review and approval of the Department of Justice, SEC commissioners, and Legg Mason’s board of directors.

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