US-based investment management firm Legg Mason is to pay more than $34 million to the Securities and Exchange Commission (SEC) to settle an investigation into the role one of its former subsidiaries played in bribing officials in Libya.
Bankers for the firm paid $26.5 million in bribes between 2004 and 2010 so that Libya would buy bonds issued by French bank Societe Generale (SocGen), which Legg Mason then managed and collected fees on, according to the settlement.
The full statement from the SEC can be read here.
(Sources: SEC, WSJ)
