A Collaboration with the University of Pittsburgh

Corporations and securities brief ~ Putnam faces $100 million payout

[JURIST] Leading Wednesday's corporations and securities law news, Putnam Investments [corporate website], the eighth-largest US mutual fund company, may have to increase the restitution it had agreed to pay investors as part of the massive securities fraud at the company. As part of an agreement with the SEC [official website] and Massachusetts Secretary of the Commonwealth William Galvin [official website], the firm had agreed to pay more than $10 million in restitution and also allowed an independent consultant to determine the extent of the improper trades. The consultant is now reporting that Putnam may have cost clients more than $100 million, or 10 times as initially believed. Putnam will not comment until the consultant has finished his work. Read the SEC press release about the settlement. Secretary Galvin has more on the Putnam settlement. Reuters has more.

In other news...

Click for previous corporations and securities law news.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.