The New York Attorney Generals office has met with Putnam Investments former chief of compliance Edward Siedle to discuss a suit he brought against the firm accusing its portfolio managers of self dealing in the 1980s, The Wall Street Journal reports.
Siedle reportedly told the A.G.s office he was not at liberty to discuss the 1997 case.
On Monday, Money Management Executive reported on the lawsuit, which underscores that Putnam managers engaged in forms of market timing, front-running or other questionable activities for years.
The New York A.G.s interest in Siedle also may stem from Putnams settlement with the SEC last Thursday. Since, both New York Attorney General Eliot Spitzer and Massachusetts Secretary of the Commonwealth William Galvin have blasted the SEC for what they view as a deficient and hasty settlement.
"I wouldnt let the [SEC] handle a house closing," Spitzer scorned.