Marsh & McLennan Companies, Inc. ("Marsh & McLennan" or the "Company") is a professional services firm that offers insurance brokerage, talent management, and investment advisory services.

Several purported Complaints were filed on behalf of purchasers of Marsh & McLennan publicly traded securities during the period between January 3, 2000 and November 3, 2003, inclusive. The Complaint charges Marsh & McLennan and certain individuals with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that the Defendants' statements about Putnam Investments, LLC ("Putnam") were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts: (1) that Putnam entered into an illegal agreement with its own fund managers and special investors wherein Putnam permitted its own fund managers and the special investors to time the Putnam mutual funds; (2) that in exchange for permitting the special investors to time the Putnam mutual funds, they deposited "sticky assets" with Putnam; (3) that the "sticky assets" deposited with Putnam permitted Putnam to materially overstate its assets under management and thus permitted Marsh & McLennan to receive a steady flow of fees from such "sticky assets;" and (4) as a result of this illegal scheme, Defendants, throughout the Class Period, materially overstated and artificially inflated Marsh & McLennan's earnings, income, and earnings per share.

The Complaint further alleges that on September 16, 2003, William Galvin, Massachusetts Secretary of the Commonwealth, announced that he was launching a probe into improper fund trading at Putnam. On October 28, 2003, William Galvin filed a Complaint against Putnam and two Putnam fund managers. The Complaint alleged that these parties breached their fiduciary duties to Putnam's mutual fund shareholders by allowing certain select investors and Putnam fund managers to "time" in Putnam's mutual funds. On news of this, the Company's stock fell 3.78% or $1.79 per share to close at $45.52 per share on October 29, 2003. On November 3, 2003, the Company announced that Defendant Lawrence J. Lasser, Putnam's president and chief executive officer since 1986 and a director of the Company since 1987, would leave the Company. On news of this, the Company fell another 0.62% or $0.28 per share to close at $44.60 per share. Overall, the Company has seen its stock fall more than 13% since news of its illegal agreements have become public.

The first Complaint filed on October 21, 2003 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 John Doe Defendants) to engage in the "timing" of their transactions in the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Funds. In return for receiving extra fees, Defendants allowed the John 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 the Funds, which falsely represented that the Funds actively police against timing. Plaintiff is seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940.

In response to numerous motions for consolidation of cases regarding allegations of late trading and timing of mutual funds filed in numerous courts throughout the Country, the Judicial Panel for Multidistirct Litigation (“MDL”) held a hearing on January 29, 2004. On February 20, 2004, the MDL Court issued an order finding that all of the actions filed in the multiple districts involved common questions of fact concerning allegations of market timing and/or late trading and consolidated many of the pending actions into one proceeding before the United States District Court for the District of Maryland.

According to a press release dated March 2, 2006, a federal judge has dismissed a lawsuit brought on behalf of Marsh & McLennan shareholders alleging the Company's failure to disclose improper trading at its Putnam Investments unit allowed Marsh stock to trade at inflated levels for a certain period, a regulatory filing said. Marsh & McLennan and Putnam, as well as some former officers and directors, were named in a class-action Complaint on behalf of all purchasers of publicly traded Marsh securities between Jan. 3, 2000 and Nov. 3, 2003, according to a Form 10-K filing by Marsh. The U.S. District Court Complaint alleged the Defendants allowed certain mutual fund investors and fund managers to engage in improper rapid trading, or market-timing, in Putnam funds. The Complaint claimed the conduct wasn't disclosed until late 2003, violating the Securities Exchange Act of 1934. In an opinion dated Feb. 27, the court granted the Defendants' motions to dismiss all claims against them.

On November 27, 2013, the Court issued an Order dismissing the amended Complaint and dismissing this action.

The Funds, and the symbols for the respective Funds are as follows:

Putnam American Government Income Fund (Sym: PAGVX, PAMBX, PAMMX)
Putnam Arizona Tax Exempt Income Fund (Sym: PTAZX, PAZBX)
Putnam Asset Allocation: Balanced Portfolio (Sym: PABAX, PABBX, AABCX, PABMX)
Putnam Asset Allocation: Conservative Portfolio (Sym: PACAX, PACBX, PACCX, PACMX)
Putnam Asset Allocation: Growth Portfolio (Sym: PAEAX, PAEBX, PAECX, PAGMX)
Putnam California Tax Exempt Income Fund (Sym: PCTEX, PCTBX, PCLMX)
Putnam Capital Appreciation Fund (Sym: PCAPX, PCABX, PCAMX)
Putnam Capital Opportunities Fund (Sym: PCOAX, POPBX, PCOCX)
Putnam Classic Equity Fund (Sym: PXGIX, PGIIX, PGTCX, PGIMX)
Putnam Convertible Income-Growth Trust (Sym: PCONX, PCNBX, PCNMX)
Putnam Discovery Growth Fund (Sym: PVIIX, PVYBX, PVYCX, PVYMX)
Putnam Diversified Income Trust (Sym: PDINX, PSIBX, PDVCX, PDVMX)
Putnam Equity Income Fund (Sym: PEYAX, PEQNX, PEQCX, PEIMX)
Putnam Europe Equity Fund (Sym:PEUGX, PEUBX, PEUMX)
Putnam Florida Tax Exempt Income Fund (Sym: PTFLX, PFLBX)
Putnam Fund for Growth and Income (Sym: PGRWX, PGIBX, PGRIX, PGRMX)
George Putnam Fund of Boston (Sym: PGEOX, PGEBX, PGPCX, PGEMX)
Putnam Global Equity Fund (Sym: PEQUX, PEQBX, PUGCX, PEQMX)
Putnam Global Income Trust (Sym: PGGIX, PGLBX, PGGMX)
Putnam Global Natural Resources Fund (Sym: EBERX, PNRBX, PGLMX)
Putnam Growth Opportunities Fund (Sym: POGAX, POGBX, POGCX, PGOMX)
Putnam Health Sciences Trust (Sym: PHSTX, PHSBX, PCHSX, PHLMX)
Putnam High Yield Advantage Fund (Sym: PHYIX, PHYBX, PHYMX)
Putnam High Yield Trust (Sym: PHIGX, PHBBX, PCHYX, PHIMX)
Putnam Income Fund (Sym: PINCX, PNCBX, PUICX, PNCMX)
Putnam Intermediate U.S. Government Income Fund (Sym: PBLGX, PBGBX, PVICX)
Putnam International Capital Opportunities Fund (Sym: PNVAX, PVNBX, PUVCX, PIVMX)
Putnam International Equity Fund (Sym: POVSX, POVBX, PIGCX, POVMX)
Putnam International Growth and Income Fund (Sym: PNGAX, PGNBX, PIGRX, PIGMX)
Putnam International New Opportunities Fund (Sym: PINOX, PINWX, PIOCX, PINMX)
Putnam Investors Fund (Sym: PINVX, PNVBX, PCINX, PNVMX)
Putnam Massachusetts Tax Exempt Income Fund (Sym: PXMAX, PMABX)
Putnam Michigan Tax Exempt Income Fund (Sym: PXIMX, PMEBX)
Putnam Mid Cap Value Fund (Sym: PMVAX, PMVBX, PMPCX)
Putnam Minnesota Tax Exempt Income Fund (Sym: PXMNX, PMTBX)
Putnam Money Market Fund (Sym: PDDXX, PTBXX, PFCXX, PTMXX)
Putnam Municipal Income Fund (Sym: PTFHX, PFHBX, PMUMX)
Putnam New Jersey Tax Exempt Income Fund (Sym: PTNJX, PNJBX)
Putnam New Opportunities Fund (Sym: PNOPX, PNOBX, PNOMX)
Putnam New Value Fund (Sym: PANVX, PBNVX, PNVCX, PMNVX)
Putnam New York Tax Exempt Income Fund (Sym: PTEIX, PEIBX)
Putnam New York Tax Exempt Opportunities Fund (Sym: PTNHX, PTNBX, PNYMX)
Putnam OTC & Emerging Growth Fund (Sym: POEGX, POTBX, POEXC, POEMX)
Putnam Ohio Tax Exempt Income Fund (Sym: PHOHX, POXBX)
Putnam Pennsylvania Tax Exempt Income Fund (Sym: PTEPX, PPNBX)
Putnam Research Fund (Sym: PNRAX, PRFBX, PRACX)
Putnam Small Cap Growth Fund (Sym: PNSAX)
Putnam Small Cap Value Fund (Sym: PSLAX, PSLBX, PSLCX. PSLMX)
Putnam Tax Exempt Income Fund (Sym: PTAEX, PTBEX, PTXMX)
Putnam Tax Exempt Money Market Fund (Sym: PTXXX)
Putnam Tax Smart Equity Fund (Sym: PATSX, PBTSX, PCSMX)
Putnam Tax-Free High Yield Fund (Sym: PTHAX, PTHYX, PTYMX)
Putnam Tax-Free Insured Fund (Sym: PPNAX, PTFIX)
Putnam U.S. Government Income Trust (Sym: PGSIX, PGSBX, PGVCX, PGSMX)
Putnam Utilities Growth and Income Fund (Sym: PUGIX, PUTBX, PUTMX)
Putnam Vista Fund (Sym: PVISX, PVTBX, PCVFX, PVIMX)
Putnam Voyager Fund (Sym: PVOYX, PVOBX, PVFCX, PVOMX)