Legg Mason (NYSE:LM) is near a settlement that would give activist Trian Fund Management three or four seats on its board and avoid a proxy fight, WSJ reports. WSJ reported earlier this week that Trian may launch an activist campaign and recently held discussions with LM management about the need to cut costs and improve margins. The current size of Trian's stake in LM is not clear, but the hedge fund previously owned shares during 2009-16 and co-founder Nelson Peltz sat on LM's board before departing in 2014.