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Friday, November 14, 2003

Putnam Facing 16 Suits

by: Nicole Halsey

Settling yesterday with the SEC was apparently not enough to satisfy Putnam Investmentís investors. In a filing with the SEC, Marsh & McLennan Cos. disclosed that Putnam Investments face 16 class action suits related to the mutual-fund trading scandal, the Wall Street Journal reports.

The company also said that as of November 12, 2003, it and Putnam had been named in two director shareholder suits; one a shareholder derivative action naming Marsh and its directors and another naming Marsh, Putnam and members of the Putnam board of trustee. Another purported ERISA action names Marsh, Putnam and others related to the company.

Also, Secretary of the Massachusetts Secretary of the Commonwealth William Galvin has keep his promise to pursue Putnam despite the SEC settlement. Marsh & McLennan announced that the subpoena Putnam received from the United States Attorney in New York has been withdrawn and replaced with a subpoena from the United States Attorney in Boston, "inquiring into, among other things, matters that are the subject of the SEC and Massachusetts actions."  

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