Franklin in Talks to Settle SEC Allegations
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Franklin Resources Inc., the largest publicly traded U.S. mutual fund firm, said it may settle with the Securities and Exchange Commission, which has been investigating allegations of improper trading.
Franklin, based in San Mateo, Calif., is in talks with the SEC and may reach a settlement in the current quarter, it said in a regulatory filing Monday.
Franklin is among more than 20 firms that have been sued or are under investigation for allowing alleged market timing trades that diluted returns for long-term investors.
The company said it recorded a charge of $60 million in the quarter ended March 31 to cover costs related to ongoing government investigations and actions. Franklin didn’t immediately return calls for comment.
Shares of Franklin fell 48 cents to $48.88 on the New York Stock Exchange.
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