If I move my color coded mapping layer anywhere the defaut top location, change symbology (for more regular breaks) as soon as it refreshes (save symbology) the ranges revert but the legend ranges stay as what I want them.
I remember going through this last year but I don't remember what I found. Another argument for, you know, maybe writing stuff down!
Check if the Legend has been converted to graphics. If it was converted to graphics, it won't change with the changes in the layer's symbology/description in TOC. In this case, you might need to insert a new Legend to the map layout and delete the old one.
Nope - legend not changed to graphics.