Putnam Mutual Funds

A class action lawsuit was commenced on behalf of all persons and entities who purchased or otherwise acquired Putnam mutual funds ("Putnam Funds") between November 1, 1998 and September 3, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the federal securities laws. The complaint names Marsh & McLennan Companies, Inc., Putman Investment Trust, Putnam Investment Management LLC, Putnam Investment Funds and John Does 1-100 as Defendants. The complaint alleges that Defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940.

The complaint charges that, throughout the Class Period, Defendants failed to disclose that they improperly allowed certain investors (the "Doe Defendants") to engage in the "timing" of their transactions in Putnam Funds' securities. In return for receiving extra fees, Defendants allowed the Doe Defendants to engage in timing to the detriment of class members, who paid, dollar for dollar, for the favored investors' improper profits. These practices were undisclosed in the prospectuses of Putnam Funds, which falsely represented that Putnam Funds actively policed against timing.

Click here to view the complaint.

Click here to view the press release.

Click here to join this class action.

Click here to download Adobe Acrobat Reader free of charge.

To find out more about this case, please contact us at shareholderrelations@spornlaw.com or 212-964-0046.

Some Recent Settlements

· In re Harmonic, Inc. Securities Litigation, C-00-2287 (N.D. Cal.)
October 29, 2008 - $15 million cash settlement
(Co-Lead Counsel)

· In re SPX Corp. Securities Litigation, 3:04-CV-99 (W.D.N.C.)
April 13, 2007 - $10 million cash settlement
(Sole Lead Counsel)

· In re PNC Finacial Services Group, Inc. Securities Litigation, 02-CV-271(W.D. Penn.)
April 12, 2007 - $46.675 million recovery
(Co-lead Counsel)

· In re Westar Energy, Inc. Securities Litigation, 03-CV-4003 (D. Kansas)
September 1, 2005 - $30 million cash settlement
(Sole Lead Counsel)

· In re Nicor, Inc. Securities Litigation, 02-CV-5168 (N.D. Ill.)
July 9, 2004 - $39 million cash settlement
(Sole Lead Counsel)