There are many laws that hold parents responsible for the willful misconduct of their children, and now it looks like Marsh & McLennan Cos. (MMC) may have to face the music for its lack of oversight of its Putnam Investments unit.

Four of the nation's largest public pension funds said they are going after the board of directors of MMC 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 last week.

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