The Securities and Exchange Commission announced Tuesday that it made its first of four payments to the 1.5 million Putnam Investments who were harmed by market timing, paying $40 million to 600,000 investors. In all, the distributions will total $150 million.


“The SEC is privileged to play a role in bringing some measure of monetary relief to Putnam mutual fund shareholders,” said David Bergers, director of the SEC's Boston regional office.


Putnam settled with the SEC and the Massachusetts Securities Division in 2004.


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