Industry Experts Expect Little Damage From $1m Legg Mason Fine

Summary

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Industry experts don't expect Legg Mason Inc. to suffer much from a $1 million settlement reached with federal regulators over late trading violations and improper recordkeeping at the firm's brokerage.

The Securities and Exchange Commission announced the penalty yesterday. The action stemmed from a computer system glitch that allowed Legg employees to place more than 18,000 mutual fund trades from September 2002 to October 2003 after the market close, and still receive the price set that day.

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Industry Experts Expect Little Damage From $1m Legg Mason Fine

Federal law requires trades after 4 p.m. to be valued after the next day of trading. The rule prevents investors from using after- market information to game an investment syst...

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