A district court has tossed out a lawsuit alleging that Marsh & McLennan
and its mutual fund unit, Putnam Investments
, permitted certain mutual fund investors and fund managers to engage in market timing in Putnam Funds.
The suit, which was brought on behalf of purchasers of publicly-traded securities of Marsh & McLennan between January 3, 2000 and November 3, 2003, was dismissed by the court on Monday, Marsh said in a regulatory
The complaint also alleged that the defendants failed to disclose the market timing activity until late 2003.
Because of the defendants' supposedly misleading statements or omissions, Marsh & McLennan's stock traded at inflated levels during the period, the complaint went on to allege.
"In an opinion dated February 27, 2006, the district court granted defendants' motions to dismiss all claims against them," Marsh revealed in a 10-K filing dated March 2.
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