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Whistleblower will not share in Putnam settlement

A former employee of Putnam Investments, who was a key figure in state and federal probes of the company, will not receive a share of the $193.5 million settlement, a Massachusetts state appeals court has ruled.

According to an article in the September 1, 2007 edition of the Boston Globe, the court held that Peter Scannell failed to file a law suit within the time frame required by the state’s False Claims Act.

Scannell had detailed how Putnam permitted some fund customers and managers to reap benefits from certain trades at the expense of other fund investors, using an abusive practice known as market timing.

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