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By David Keene
Allowing states to innovate could reduce dependency on bureaucracy
Topic - Legg Mason Inc.
A subsidiary of investment firm Legg Mason Inc. has agreed to pay about $21 million to settle U.S. government claims that it concealed losses to investors and engaged in prohibited transactions that favored some clients over others.
Legg Mason's chairman and CEO Mark Fetting, who led the money manager through the difficult years during and after the financial crisis, will step down Oct. 1.