The Wall Street Journal: Peltz’s Trian Fund nearing settlement with Legg Mason, could get up to four board seats

Money manager Legg Mason Inc. is nearing a settlement with Trian Fund Management LP that would give the activist hedge fund three or four seats on its board and avoid a proxy fight, according to people familiar with the matter.

The talks could still fall apart, the people cautioned—but should the two sides reach a deal, it could be announced soon.

The Wall Street Journal reported earlier this week that Trian may launch an activist campaign, has recently held discussions with Legg Mason management about the need to cut costs and improve margins and that a proxy fight was a possibility.

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