News Flash- Former Putnam Chief Exec To Receive Deferred $78M
June 21, 2004
The former CEO of Putnam Investments, Lawrence J. Lasser, has settled his severance package dispute with the company and will receive $78 million from the parent firm, Marsh & McLennan.
The company had charged that Lasser was responsible for the management oversights that led to improper trading, and later civil charges against Putnam. A regulatory filing disclosing Lasser's severance package said that most of the $78 million was deferred money that he had already earned. Marsh & McLennan said it had actually set aside an additional $25 million as well, but sliced the number down to $78 million. Technically, the company says that the money it is paying to Lasser is not severance.