Former Western Asset Executive Settles Trading Lawsuit for $3 Million
Ken Leech agreed to pay $3 million to settle a lawsuit. He is the former co-chief investment officer at Western Asset Management Company.
The US Securities and Exchange Commission brought the lawsuit. The agency claimed Leech cherry-picked winning trades.
The settlement covers those claims. The agency also asked a court for a final judgment by consent.
Klear Note — A consent judgment is a court order the parties agree to.
Key Terms 3
- cherry-picked Secretly giving the best trades to chosen accounts and the worst to others.
- final judgment by consent A court ruling that both sides agree to without a trial.
- co-chief investment officer One of two top leaders who decide how a firm invests money.