In an apparent attempt to distance itself from the troubling practices scarring the company and industry, Putnam Investments told the maligned Boilermakers Local 5 Union to find a new retirement plan manager, The Wall Street Journal reports.
A letter sent last month from Putnam gave the union 60 days to find a new manager. Putnam has settled with the Securities and Exchange Commission on charges of market timing, something the union members are said to have done in their pension plans. Massachusetts Secretary of the Commonwealth William Galvin named the union in his complaint against Putnam. A lawyer representing the New York-based local 5 said Putnam did not explain why it no longer wanted to represent the organization, and that he regretted the decision.