Page "Putnam Investments" Paragraph 10

In 2005, Putnam paid $ 40 million to settle charges made in 2003 that it " did not tell fund investors or directors about paying " brokerage firms for recommending its mutual funds to clients.

Afterward, some investors withdrew their funds.

This settlement was the final resolution in an investigation of Putnam ’ s payments to 80 brokers that was conducted over a three-year period.