Putnam Investments agreed to pay a total of $110 million to settle accusations by the SEC and Massachusetts regulators that the firm did not disclose improper market timing by its portfolio managers, the SEC announced today. Overall, Putnam agreed to pay a $100 million civil penalty and the restitution of $10 million in profits from the market timing.
Charles "Ed" Haldeman, Putnam president and CEO, said in a news release that the settlement agreements "reflect our commitment to put these matters behind us and continue to move forward as a firm focusing on rebuilding investor confidence and delivering consistent, dependable, superior investment performance over time."
