Western Asset Management Settles SEC Case for $100 Million Penalty
Published on · Source: finance.yahoo.com
AI Summary
Summarized by AI from the source belowWestern Asset Management, part of Franklin Templeton (BEN), will pay a $100 million civil penalty to settle an SEC investigation related to former co-CIO Ken Leech. The SEC found that the firm failed to adequately supervise Leech's trading practices, leading to a 'cherry-picking' scheme. Since the charges in 2024, Western Asset has experienced over $150 billion in long-term net outflows. Franklin Templeton reported $17 billion in long-term net inflows during the second quarter, despite a $4.1 billion outflow from Western Asset. Leech's trial is scheduled to start on June 15, 2026.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Franklin Resources Inc. (BEN)
Franklin Resources (Franklin Templeton) is a global asset manager.
The Financials sector covers banks, insurers and capital-markets firms at the center of the economy.
Earlier BEN news
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