Putting a Bow on the Legg Mason Settlement With a $34 Million Payment to the SEC

In what will likely be the last chapter in its troubles arising from a bribery scheme in Libya, Maryland-based investment management firm Legg Mason Inc. has agreed to pay over $34 million to settle SEC FCPA charges. The firm previously entered into an NPA with the Department of Justice to resolve charges arising from the same facts, agreeing to pay $64.2 million in penalties and disgorgement. The order of the settlements can be interpreted as a “further example of the significant efforts among DOJ, SFO and other foreign authorities to prosecute cross-border cases in a coordinated and cooperative way,” Quinn’s Benjamin O’Neil told The Anti-Corruption Report. See “SocGen Reaches Historic Deal With France and U.S., Legg Mason Tags Along” (Jun. 27, 2018) and “What SocGen and Legg Mason Say About French and American Enforcement” (Jul. 11, 2018).

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