LAWSUITS NEWS & LEGAL INFORMATION
Franklin Templeton Distributors Inc.
The company has agreed to pay $18 million to settle a lawsuit filed by Californian officials for allegedly paying millions to investment brokers. In return for an estimated $147 million over 4 years, the brokers secured shelf space and lead clients towards purchasing Franklin's mutual funds. The Securities and Exchange Commission has hired an independent consultant to allocate the $14 million to investors and shareholders. As on October 2004, Franklin's quarterly earnings totaled $199.9 million. (Nov-18-04)
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