Consultant Tallies Losses to Putnam Investors
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A consultant appointed to tally investors’ losses from mutual fund trading abuses at Putnam Investments has found investors were shortchanged by around $100 million in the first big market-timing case, Massachusetts’ chief regulator said.
The Harvard business professor hired for the task as part of a $110-million settlement Putnam reached with federal and state regulators last April still is compiling his report.
However, professor Peter Tufano has preliminarily determined losses of about $100 million, Secretary of the Commonwealth William Galvin said.
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