The
Putnam must distribute total disgorgement and penalties in the amount of $40 million for its failure to disclose to its board and shareholders a conflict of interest that arose from the manner in which it employed its fund assets, primarily commissions from mutual funds-to pay for preferred marketing deals, according to the SEC.
According to the distribution plan, each fund in the Putnam family will be given a proportionate amount of the disgorgement and penalty based on the total brokerage commission credited to each.