U.S. Securities and Exchange Commission

Legg Mason sets aside $67 million to resolve Libya investigation

Legg Mason sets aside $67 million to resolve Libya investigation

Legg Mason expects to pay $67 million to settle a U.S. probe of one of its affiliates that managed investments for the Libyan government during the rule of Muammar el-Qaddafi.

The Baltimore-based money management firm is negotiating with the U.S. Department of Justice and the Securities and Exchange Commission to resolve an investigation under the Foreign Corrupt Practices Act, the company said in a filing this week with the SEC.

Enacted in 1997, the law prohibits bribes of foreign officials to obtain business.

Federal investigators looked into Legg’s former Permal Group, which managed investments of LIbyan “governmental entities” from 2005 to 2007 in structures set up...

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