Financial Services Industry
Industry: Email Alert RSS FeedLegg Mason resisting class action pressure; Equates filings to practicing law without a license.(News)
Investment News, March, 2006
Byline: Sara Hansard WASHINGTON - Legg Mason Capital Management Inc. is resisting pressure to file securities class actions on behalf of its clients. The Baltimore-based manager has taken the stance even though plaintiff's lawyers are suing mutual fund companies for not participating in the lawsuits on behalf of their clients, and the Securities and Exchange Commission has been pushing investment advisory firms to file claims.
Legg Mason takes the position that filing claims would amount to practicing law without a license, the firm's chief operating officer and general counsel, Andrew Bowden, told attendees at a conference last week. The surprising statement drew applause from the approximately 400 investment advisory firm compliance officials...
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