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.

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

Recent Settlements

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

· In re Westar Energy, Inc. Securities Litigation, 03-CV-4003 (D. Kansas)
September 1, 2005 - $30 million cash settlement
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· 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 SPX Corp. Securities Litigation, 3:04-CV-99 (W.D.N.C.)
April 13, 2007 - $10 million cash settlement
(Sole Lead Counsel)

Client Resources

· Map Management, LLC
MAP Management, LLC is a Registered Investment Advisor providing services to Individuals, multi-employer Taft-Hartley plans, Corporate Pension plans, Estates, and Foundations. By offering fixed fee arrangements, MAP provides unbiased and independent opinions, as well as helpful recommendations and education. Through a very personal process, MAP will develop a portfolio and a plan for your investments that is individualized to
your needs.

· HGK Asset Management
Since 1983, HGK Asset Management has been making the right decisions for investors in conservative fixed income and value equity portfolios. With about $3 billion currently under its management and more than 80 client relationships, HGK has expanded its original business that specialized in Taft-Hartley benefit and pension funds to include corporate pension, institutional and individual investment accounts.