The former CEO of Putnam Investments, Lawrence J. Lasser, has settled his severance package dispute with the company and will receive $78 million from the parent firm, Marsh & McLennan.

The company had charged that Lasser was responsible for the management oversights that led to improper trading, and later civil charges against Putnam. A regulatory filing disclosing Lasser's severance package said that most of the $78 million was deferred money that he had already earned. Marsh & McLennan said it had actually set aside an additional $25 million as well, but sliced the number down to $78 million. Technically, the company says that the money it is paying to Lasser is not severance.

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