Deals & People February 10, 2011

Putnam Hires Lundberg for Consultant Role

Putnam Investments has appointed Anne Lundberg as Senior Vice President and Consultant Relations Manager, Midwest Region.
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Lundberg will report to Robert E. Alan, Head of North America Consultant Relations.

Lundberg is returning to Putnam after a year-long absence. She has nearly 20 years of experience in the financial services industry.  Before joining Putnam, she was a Senior Relationship Manager with William Blair & Company, working with some of the firm’s largest Midwest-based institutional clients. Previously, Lundberg held several positions with Capital Guardian Trust Company, culminating in a position as Vice President, Sales, Client and Consultant Relationship Manager, in which capacity she covered some of the largest institutional investment consultants.

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Lundberg holds a B.A. degree from the University of Northern Iowa and an MBA from the University of Chicago Graduate School of Business (Booth).

Compliance February 10, 2011

DoL Obtains Restitution for Arkion Life Sciences 401(k) Plan

The U.S. Department of Labor obtained a consent judgment ordering Arkion Life Sciences to restore $193,795 in restitution and interest to the company's 401(k) plan.
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The judgment resolves a Labor Department lawsuit alleging that the defendants failed to remit employee contributions to the plan, untimely remitted to the plan certain employee contributions without interest, and co-mingled plan assets with the general assets of the company. These alleged violations of the Employee Retirement Income Security Act occurred between December 2003 and April 2008.

Under the judgment, entered in the U.S. District Court for the District of Delaware, the defendants will make restitution to the plan and pay a 20% penalty on the recovered funds. The company will retain an independent trustee if it continues to sponsor the plan.

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