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FINANCE
States fire plan manager Putnam
Rhode Island's employees' retirement plan, Iowa's Public Employee Retirement System, and New York and Pennsylvania's teacher pension funds said they'll drop Putnam as plan manager. On Thursday, Massachusetts' state pension plan voted to pull $1.7 bil from Putnam. Last week the SEC charged the Marsh & McLennan unit with civil fraud for improper trading.
** The Wisconsin college board meets Monday to decide if it'll keep Strong Capital Management as the state's $1.1 bil college savings fund administrator. N.Y. Attorney General Eliot Spitzer is expected to bring fund timing charges against Strong.
Judge OKs brokerage settlement
A federal judge gave a final OK for big U.S. brokerage firms to pay $1.4 bil to resolve charges of biased stock ratings. The firms agreed to the fines without admitting or denying the charges. The judge said consent decrees signed by each firm include a way to distribute $399 mil to investors who bought stocks tainted by biased research.
Taubman earnings fell ...