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Rating:No More Legal Aid for Former Putnam Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 17, 2007

No More Legal Aid for Former Putnam Manager

by: Erin Kello

Putnam no longer wants to pick up the legal tab for its former fund manager Omid Kamshad, who was accused by the SEC of market-timing within its funds, according to The Boston Globe. In June, Kamshad reached a settlement with the SEC under which he agreed to pay a fine of $470,866. Putnam, according to the report, has already paid Kamshad's first lawyer more than $2.5 million, his second law firm $250,000 and then received a final bill for $2.4 million. Putnam apparently didn't want to pick up that tab, and the lawyers send Kamshad the bill, which he did not pay. The lawyers then sued him in US District Court in Boston and got an order freezing some if his acccounts.  

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