August 27, 2018 / 3:52 PM / a month ago

Legg Mason to pay $34 mln to resolve charges relating to bribery scheme -SEC

WASHINGTON, Aug 27 (Reuters) - The U.S. Securities and Exchange Commission said on Monday that Legg Mason will pay more than $34 million to resolve a charge it violated the Foreign Corrupt Practices Act in bribing Libyan officials to secure investments.

The SEC said that between 2004 and 2010, a former Legg Mason asset management subsidiary, Permal Group Inc, partnered with a French financial services company in paying bribes to solicit investment business from Libyan state-owned financial institutions. (Reporting by Tim Ahmann)

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