BOSTON -- Putnam Investments will pay $110 million to settle improper trading allegations brought by federal and Massachusetts regulators.
Putnam had previously reached a partial settlement with the Securities and Exchange Commission to settle allegations it tolerated improper "market timing" trades by favored clients, but that settlement did not immediately determine the amount of the fine.
That settlement was sharply criticized by Massachusetts securities regulators, who had also brought civil charges against the Boston-based firm.
Putnam said it would pay $5 million in disgorgement and $50 million in penalties to settle the SEC allegations, and pay the same penalties to settle the Massachusetts allegations.
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