Financial Services Industry
Industry: Email Alert RSS FeedDetails impede disbursements of settlement cash; Labor Dept., IRS still wrestling with issues.(News)
Investment News, November, 2005
Byline: David Hoffman NEW YORK - The billions in mutual fund settlement cash that resulted from the fund trading scandals should make its way into investors' pockets by the summer, but not before a few wrinkles are ironed out with two federal agencies. The U.S. Department of Labor is trying to come up with guidelines to help retirement plans deal with settlement payouts, industry sources said.
And the Internal Revenue Service is wrestling with how the payouts should be taxed, they said. In some cases, such details are all that stand in the way of payments' being made to shareholders. Putnam ready Putnam Investments LLC of Boston is far enough along with its plans that all it needs to do is "punch a button,'' and shareholders will get...
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