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Wednesday, July 06, 2005

Whistleblower Sues for Share of Settlement

by: Theresa Sim

Peter Scannell, the former Putnam telephone representative that tipped off the Massachusetts attorney general office about market timing of Putnam funds is suing for his share of settlement money, reports the Wall Street Journal.

The move follows Scannell administrative claim for $15 million of the fine money, which was denied last month by Thomas Reilly, the attorney general, on the basis that Scannell did not follow the state's whistleblower statute.

"If he had not taken the steps he did," market timing "would probably still be continuing," Robert Autieri, Scannell's attorney, told the Journal. Autieri told the Journal that the whistleblower has suffered "economically and emotionally."

The office of the Secretary of State William Galvin hired Scannell as an archivist, paid a $45,000 salary, in January.

The whistleblower was hit in the head with a brick by a still-unknown assailant in 2003.  

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