Franklin Templeton Services, Inc., a unit of Franklin Resources of San Mateo, Calif., has sued its previous president for allegedly breaching his $1.17 million severance agreement.

The lawsuit, filed in the United States District Court in San Jose, Calif. for the Northern District of California, is against Dan Calabria. Calabria was president and chief executive officer of Templeton Funds Management for seven years prior to the 1992 merger of Templeton, Galbraith & Hansberger with Franklin.

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