Franklin Resources (BEN) disclosed this morning that on December 13, it was informed by the Department of Justice that it is prepared to resolve the investigation through a disposition that does not require the filing of any criminal charges against Western Asset in connection with the conduct charged in the case of United States v. Leech. The DOJ also informed the Franklin that as it continues the ongoing resolution discussions, which, as the DOJ noted require additional time to complete due to circumstances not attributable to Western Asset, it appreciates Western Asset’s commitment to full cooperation with the investigation. As previously disclosed, Franklin Resources launched an internal investigation into certain past trade allocations involving treasury derivatives in select accounts managed by Western Asset Management Company, a wholly-owned subsidiary of the company. In connection therewith, Western Asset received notification of an investigation by the Department of Justice. Shares of Franklin Resources are up 1% to $23.77 in morning trading.
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