Putnam To Ask High Court To Resolve Burden-Of-Proof Issue

Law360 (October 25, 2018, 10:32 PM EDT) -- Putnam Investments LLC plans to ask the U.S. Supreme Court to overturn its loss in a First Circuit case that accused the company of running its employee retirement plan for its own benefit rather than the benefit of workers, as well as to determine whether workers or companies bear the burden of proving whether retirement investment choices were prudent.

The company urged the First Circuit on Wednesday to hold off on issuing a mandate in the case — which would send the suit back to a Massachusetts federal judge — until Putnam has a chance to petition the Supreme Court....

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