Franklin’s Wamco Nears $100 Million SEC Deal Over Leech (1)

Western Asset Management Co. is nearing an agreement with the Securities and Exchange Commission to resolve a probe related to trading practices of its onetime star manager Ken Leech, who is facing separate criminal fraud charges.

The settlement may be announced in the coming days, according to people with knowledge of the matter. The firm will probably agree to pay at least $100 million to resolve the case, said one of the people, who asked to be anonymous because they’re not authorized to discuss ongoing negotiations.

The details of the settlement, related to the SEC’s investigation of trade ...