NEW YORK: US regulators have fined Citigroup Inc, American Express Inc, J.P. Morgan Chase & Co and Putnam Investments a combined US$81.25mil for failing to provide customers with the necessary information about mutual funds.
The Securities and Exchange Commission (SEC) imposed fines of US$40mil on Putnam, a unit of Marsh & McLennan Cos, and US$20mil on Citigroup Global Markets Inc for not disclosing payments to promote certain funds, resulting in conflicts of interest. Citigroup also improperly steered investors to higher-cost fund shares, the SEC said.
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