Franklin Templeton's Western Asset Management Settles SEC Case for $100 Million
Western Asset Management, a subsidiary of Franklin Templeton (ticker: BEN), has agreed to pay a $100 million civil penalty to settle an SEC investigation related to former co-CIO Ken Leech. The firm faced allegations that it failed to detect and prevent trade allocation misconduct by Leech, which led to regulatory scrutiny and over $150 billion in long-term net outflows since 2024.
Tickers: $BEN
Topics: cherry-picking scheme Franklin Templeton Ken Leech SEC investigation Western Asset Management