Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg Mason Unit Settles SEC and NASD Charges Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 11, 2004

Legg Mason Unit Settles SEC and NASD Charges

by: Nicole Halsey

One of Legg Mason's units has settled with the regulators over improper mutual fund purchases, Dow Jones reports.

Legg Mason Wood Walker Inc. has reportedly agreed to a settlement with regulators according to the company's quarterly report released by the SEC.

The settlement involves $2.3 million in fines and reimbursement to clients who didn't receive breakpoint discounts on front-end sales charges, the filing said.

Under the terms of the agreement, the company will also be required to perform a comprehensive review of purchases by clients of nonproprietary mutual fund Class A shares since Jan. 1, 2001.

Regulators initially proposed the settlment in November but at the time, Legg Mason said it was considering the settlement and didn't expect any reimbursements to clients would be material to its operations.

But today, the company said it expects the SEC and NASD to make a decision on the settlement soon. Meanwhile, Legg Mason has decided to conduct a review of purchases for a longer period than those questioned in the proposed settlement. Also, for the nine months ending December 31, 2003, the said it has accrued $4.3 million for client reimbursements in addition to fines according to its filing. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use