Legg Mason has not yet finished the process of shoring up its money-market funds. The Baltimore Business Journal reports that Legg has agreed to pay up to $240 million into three subsidiary-managed money-market funds if they take losses on the sale of asset-backed commercial paper securities. The Baltimore company said it expects to take $155 million in charges against earnings as a result of the move. The new agreements deal with the same type of securities that the company had previously agreed to support in other money-market funds.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE