High Court Hurls Putnam Lawsuits Back To State Court

Law360, New York (June 15, 2006, 12:00 AM EDT) -- The U.S. Supreme Court has sent a series of lawsuits against Putnam Funds Trust, a subsidiary of Marsh & McLennan Cos., back to state court where they were initially filed, ruling that a federal appeals court had erred by overturning a trial judge’s decision to permit the cases to continue in state court.

While the unanimous ruling Thursday signifies a victory for investors who have hit Putnam Funds with allegations of negligence and breach of fiduciary duty, the company could contest in state court that the...
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