December 19, 2024 Newswires

KEN LEECH OF WESTERN ASSET MANAGEMENT COMPANY HAS BEEN CHARGED BY THE JUSTICE DEPARTMENT AND THE SEC – Contact Kaplan Fox & Kilsheimer LLP

NewMediaWire

NEW YORK - (NewMediaWire) - December 19, 2024 - Kaplan Fox & Kilsheimer LLP is investigating potential securities laws violations in connection with investments in Western Asset Management Company's (WAMCO) U.S. Core strategy ("Core") and U.S. Core Plus strategy ("Core Plus"), including investors in mutual funds Western Asset Core Bond Fund (Ticker: WATFX) (the "Core Mutual Fund") and Western Asset Core Plus Bond Fund (Ticker: WACPX) (the "Core Plus Mutual Fund").

If you invested in WAMCO's Core or Core Plus strategies, including in mutual funds WATFX and WACPX, and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (212) 329-8571.

On November 25, 2024, the U.S. Securities and Exchange Commission and the United States Attorney for the Southern District of New York announced civil and criminal charges against S. Kenneth Leech ("Leech"), the former co-Chief Investment Officer of WAMCO for "engaging in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios, a practice known as cherry picking." The indictment alleges that Leech assigned over $600 million of gains to favored clients and over $600 million of losses to disfavored clients. Leech is charged with securities fraud, investment advisor fraud, commodity trading advisor fraud, commodities fraud and false statements. Leech's alleged victims include both institutional and retail investors.

According to the SEC Complaint, "Disfavored Portfolios" primarily included portfolios in the Core and Core Plus strategies, including investors in the Core Mutual Fund (Ticker: WATFX), and the Core Plus Mutual Fund (Ticker: WACPX). According to the government filings, investors during the period January 2021 through October 2023 may have been affected by the alleged wrongful cherry-picking scheme.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.