An independent consultant said that rapid in-and-out trading in mutual funds at Putnam Investments cost investors as much as $100 million, a figure that is 10 times the previous estimate of damages.

Regulators appointed Harvard Business School Professor Peter Tufano to assess the extent of damage caused by market timing at Putnam. Boston-based Putnam, the country's seventh-largest mutual fund company, was one of the first ones to be slapped with civil fraud charges in the industry-wide scandal that surfaced in the fall of 2003.

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