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Franklin Resources (BEN) faces stock price drop due to internal investigation into Western Asset Management's trade practices, prompted by SEC and DOJ notifications.
Franklin Resources, known as BEN, faces a stock price drop following an internal investigation into Western Asset Management's trade practices.
The investigation was prompted by notifications from the SEC and DOJ.
In response, the company closed its $2bn Macro Opportunities strategy and placed co-CIO Ken Leech on leave after receiving a Wells Notice from the SEC.
The company is cooperating with parallel government investigations.
8 months ago
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