Franklin Resources could pay up to $18 million as early as next week to settle charges made by California regulators that the firm did not inform clients about payments made to brokers selling its funds, said Bill Lockyer, California attorney general. Franklin Resources is also under SEC investigation over similar allegations. SEC spokesman John Heine declined to comment on the matter.
"We continue to be in discussions with the attorney general's office and the SEC," said Lisa Gallegos, Franklin Resources spokeswoman. She would not comment further.
