The US Securities and Exchange Commission (SEC) announced on 27 August that Legg Mason Inc must pay a criminal penalty of $32.6m to resolve a Foreign Corrupt Practices Act (FCPA) violation in a scheme to bribe Libyan officials, who in 2004-10 awarded the Maryland-based investment manager’s Permal Group subsidiary and French partner Société Générale (SocGen) a flow of fund-related contracts.