Legg Mason Unit Paid Bribes to Win Business in Libya, SEC Says

(Bloomberg) -- Legg Mason Inc. will pay more than $34 million to settle a U.S. regulator’s allegations that one of its units won business from Libya’s sovereign wealth fund by paying bribes.

Legg Mason’s Permal Group Inc. subsidiary partnered with Societe Generale SA to solicit investment business from Libyan government officials, the Securities and Exchange Commission said in a Monday order.

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