Four of the nation’s largest public pension funds are going after the board of directors of Putnam Investments’ parent company Marsh & McLennan Companies for its "failure to properly control its money management business and for its severe lack of independent board leadership," the funds announced in a joint statement on Monday.

AFSCME Employees Pension Plan , New York State Common Retirement Fund , California Public Employees' Retirement System and the California State Teachers' Retirement System , which together hold 6.85 million shares, worth $306 million or about 1.3% of the company, are the four involved in the action.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.