DOL, SEC Announce $21M Settlement

Jan. 31, 2014, 5:00 AM UTC

In coordination with the Securities and Exchange Commission, the Department of Labor reached a combined $21 million settlement with Western Asset Management Co., a subsidiary of Legg Mason Inc., following investigations that revealed the purchase of prohibited securities that caused losses to nearly 100 employee benefit plans and investment funds holding plan assets, the DOL announced in Jan. 27 press release.

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