Market timing in Putnam Investments mutual funds lowered long-term investors' returns by $48.5 million, the Securities and Exchange Commission announced Thursday. And market timing by Putnam employees depleted returns by an additional $4.4 million, including interest. As a result, the firm must now pay repay a total of $153.5 million to customers out of a total $193.5 million in fines and restitution.

The SEC made the discovery through an independent study by Harvard Business School Professor Peter Tufano.

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