WAMCO to pay $21 million to settle SEC charges

Western Asset Management Co. will pay $21 million to settle charges involving internal cross-trading and coding errors resulting in losses to institutional investors, the SEC announced Monday.
FEB 21, 2014
Western Asset Management Co. will pay $21 million to settle charges involving internal cross-trading and coding errors resulting in losses to institutional investors, the SEC announced Monday. The settlement concludes an investigation that also involved the Labor Department because of allegedly improper allocation losses related to the coding error that were not disclosed to WAMCO's institutional ERISA clients, officials for the Securities and Exchange Commission said in a statement. The cross-trading charges involved activity during the financial crisis that SEC officials claimed deprived selling clients of some savings. Mary Athridge, spokeswoman for parent Legg Mason Inc., said in an interview the company was glad to resolve the issue. (Pensions & Investments)

Latest News

Treasuries hold steady ahead of key market events
Treasuries hold steady ahead of key market events

Quarterly refunding, economic data are in focus.

Veteran investor Mobius says he's 'keeping the cash' in funds
Veteran investor Mobius says he's 'keeping the cash' in funds

95% of his funds' holdings are in cash amid trade uncertainty.

Gold-backed ETFs are back in favor
Gold-backed ETFs are back in favor

Report shows trade wars has fueled inflows to funds.

Global AUM at new record high of $128T but industry reform is required, report warns
Global AUM at new record high of $128T but industry reform is required, report warns

Remaining competitive requires reduced vulnerability to external conditions

Boomerang kids trend is continuing in 2025, harming parents' retirement plans
Boomerang kids trend is continuing in 2025, harming parents' retirement plans

The cost of living still driving adults back home to mom and dad

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.