Western Asset Management Company (WAMCO), a subsidiary of Franklin Resources, has agreed to pay a $100 million fine to the U.S. Securities and Exchange Commission (SEC) to resolve charges related to a $600 million cherry-picking scheme orchestrated by former Chief Investment Officer Kenneth Leech. While WAMCO did not admit to any wrongdoing, the SEC highlighted failures in the firm's oversight and fair trade allocation practices. Kenneth Leech is currently facing a criminal trial over the allegations. This settlement underscores regulatory scrutiny on asset management firms' compliance with trade allocation rules. Western Asset Management, a unit of Franklin Resources, will pay $100 million to settle SEC charges tied to a $600 million cherry-picking scheme by former CIO Kenneth Leech.