Putnam Mutual Funds Suit Precluded By SLUSA: Court

Law360, New York (January 7, 2010, 7:48 PM EST) -- A proposed class action alleging that Putnam Investment Management LLC was negligent in not properly evaluating the value of its mutual fund portfolios is precluded by the Securities Litigation Uniform Standards Act, an Illinois appeals court has ruled.

The Illinois Appellate Court for the Fifth District on Wednesday sided with Putnam, which had appealed a lower court's denial of its motion for judgment on the pleadings, marking the latest ruling in a case that has made its way through numerous state and federal courts, including a...
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