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.
John Brown, who heads Putnams institutional business division, prepared a statement for the Journal. It said the disassociation from the union is a necessary step "to protect the interests of our long-term shareholders."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.