A settlement agreement has been reached between Putnam Investments and the Securities and Exchange C...
A settlement agreement has been reached between Putnam Investments and the Securities and Exchange Commission (SEC) and the Office of the Secretary of the Commonwealth of Massachusetts following market timing allegations in Putnam's mutual funds. Under the terms of the SEC agreement, Putnam will pay $5m in disgorgement and a $50m penalty, all of which will be distributed to shareholders in the funds. Similarly, in the Massachusetts deal, $5m will be paid to shareholders in the funds and a $50m penalty to the Commonwealth of Massachusetts. Since November 2003, Putnam has had restrictions ...
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