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Putnam agrees £60m trading settlement
PUTNAM Investments has agreed to pay federal and state regulators $110 million (£60 million) to settle charges that its managers and clients engaged in market timing - the improper rapid trading of mutual fund shares.
Boston-based Putnam, the sixth-largest US mutual fund company, also admitted it failed to stop managers and clients who broke company rules.
The US Securities and Exchange Commission and Massachusetts’ top securities regulator, Secretary of the Commonwealth William Galvin, said the company will pay $50m in fines and $5m in restitution to each regulator, to total $110m.
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Weather for Edinburgh
Thursday 24 May 2012
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