On April 8, Secy. of the Commonwealth William Galvin levied a $50 million fine on Putnam Investment in a settlement in which Putnam admitted to allowing some managers and certain fund participants to market time in its mutual funds. The administrative settlement also orders Putnam to pay $5 million in restitution to the affected funds. In a related settlement, the federal Securities and Exchange Commission also fined Putnam $50 million and ordered $5 million in restitutions to the funds.
