Legg Mason issued an update regarding support actions taken to protect its money market mutual funds in a press release. The release says, "Legg Mason, Inc. announced that the Company has entered into capital support agreements (CSAs) to provide support to a money market fund managed by a subsidiary of the Company. Neither the fund, nor its shareholders incurred a loss in this transaction. Legg Mason also provided today an update regarding the anticipated earnings impact of these actions for the quarter ended March 31, 2008 as well as an update to accruals related to previously announced money market fund support." President & CEO Mark Fetting,said, "Legg Mason is putting the CSAs in place to provide support at a time when certain segments of the marketplace continue to experience asset price fluctuations. We are confident in the overall soundness of the Company's money market funds and remain committed to providing our fund shareholders with principal stability, credit quality, and current income, although no guarantees can be given."

Email This Article

Use a comma or a semicolon to separate

captcha image