There will be no pay day for the call center worker who first blew the whistle on market-timing trades at Putnam Investments. Peter Scannell, who has since left Putnam and now works for the Massachusetts, had sought $15 million under a state whistleblower law, reports the Boston Herald.

Scannell claimed that Bay State's False Claims Act entitled him to collect 30 percent of the fines paid by Putnam for allowing market-timing trades by members of the Boilermakers Union.

However, Massachusetts Attorney General Tom Reilly turned down Scannell's claim Tuesday. According to Reilly's office Scannell's claim did not meet the requirements of the law.

Robert C. Autieri, a lawyer representing Scannell, told reporters that the case will be appealed to to the Superior Court.

"It's a claim that we certainly think has strong value and legal basis," Autieri told the Herald. "The attorney general has his point of view. But the courts have the ultimate authority in interpreting the statute and applying it in this specific case." 

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