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Putnam whistle-blower seeks relator’s share

A Massachusetts man, whose information led to charges of trading abuses at Putnam Investments, will appear before a state appeals court next week to try to obtain a portion of the settlement Putnam paid. Peter Scannell brought incriminating evidence to state and federal regulators, showing that Putnam allowed certain favored investors to make improper, market-timing trades in its mutual funds.

Scannell is seeking a portion of the $194 million settlement under that state’s whistle-blower law. The state opposes the request on the grounds that Scannell did not submit a sealed complaint against Putnam to the attorney general’s office, as required by the law.

More news on developments can be found in the March 14, 2007 issue of the Patriot Ledger. A November 20, 2003 article in USA Today provides additional details.

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