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1st Circ. Nixes SEC Appeal In $4M Putnam Fraud Suit

Law360 (February 9, 2009, 12:00 AM EST) -- An appellate court has upheld the dismissal of fraud allegations brought by the U.S. Securities and Exchange Commission against three former Putnam Fiduciary Trust Co. executives accused of covering up a $4 million error in clients' retirement and defined contribution plans.

In a decision Friday, a three-judge panel of the U.S. Court of Appeals for the First Circuit said that a district court judge was right to toss the cases against three former Putnam Fiduciary Trust Co. executives: Virginia A. Papa, Kevin F. Crain and Sandra...
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