Putnam Investments could pay penalties and fines in the hundreds of millions of dollars, according to an SEC legal brief, The New York Times reports today.

But given that the six Putnam employees who engaged in improper trading made just over $1 million, as well as the fact that the SEC will take into consideration the $54 billion that has left Putnam since the scandal erupted, the firm calls the figure out of bounds.

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.