News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Franklin faces $18m settlement for improper incentives

Franklin Resources, the fourth largest mutual fund manager in the US, is set to pay $18m (€13.9m) to settle charges from Bill Lockyer, the California state attorney general, that it paid excessive fees to brokers to sell its fund products.

Lockyer said in a speech he expected Franklin to pay the state roughly $18m to settle. "We are very close to resolution. I think it is next week," he said.

WSJ Logo