MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, May 16, 2005 Lawyers File Suit on Behalf of Putnam B-Share Investors Putnam is facing yet another class action, reports the Boston Business Journal. Lawyers from the firm of Gilman and Pastor are seeking to recoup fees for current investors and fees paid by shareholders who held any B shares of 52 Putnam funds beginning in October 28, 2003. The compliant was filed against Putnam's funds on April 4. The suit, originally filed in Suffolk Superior Court in Boston, has been moved to U.S. District Court in Baltimore, along with many other class actions against fund companies, reports the Boston Business Journal. Lawyers argue that investors should not have to pay fees to redeem their shares because Putnam permitted market timing in its mutual funds. Investors "should be free to decide whether, under the circumstances, they wish to remain shareholders without the disincentive of a penalty if they decide to redeem their shares," arguing that Putnam breached its "implied term," according to the Boston Business Journal. Printed from: MFWire.com/story.asp?s=9705 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |