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Friday April 09, 03:53
Putnam to pay $55 million to settle SEC action
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Putnam Investments, a unit of Marsh & McLennan (MMC), will pay $55 million to finalize an enforcement action brought by the Securities and Exchange Commission, the agency said Thursday. Last fall, the mutual fund firm reached a partial settlement with the SEC for allegedly allowing short-term trading, or so-called market-timing in its funds without the knowledge of its investors. The $55 million civil penalty will be used for investor restitution, Stephen Cutler, SEC enforcement director said in a statement. (CBS.MW)
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