BOSTON: Putnam Investments agreed on Thursday to pay federal and state regulators US$110mil to settle charges that some managers and clients engaged in market timing, breaking company rules that forbid the practice.
Boston-based Putnam, the No. 6 US mutual fund company with US$227bil of assets and the first to be charged with securities fraud in an industry-wide investigation last fall, also admitted it failed to stop market timing, the rapid-fire trading of mutual fund shares.
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