4.48%XLF 15.92 10.56%QQQQ 32.65 6.34%
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BALTIMORE - Asset-management firm Legg Mason Inc. said Monday it expects to take a charge of 64 cents per share in the fiscal first quarter to help shore up three money market funds managed by a subsidiary.
| LM | 29.01 |  -5.09 |
Legg Mason said the charge reflects its entry into capital support agreements to support the funds.
Under the agreements, the company said it will give a total of $240 million in capital contributions to the funds if any of the them realize a loss on the sale of or other events relating to certain asset-backed commercial paper securities in the portfolios.
The charge is $146 million, or $90.1 million net of taxes.
Shares fell 54 cents to close at $43.57.
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