LITTLE ROCK, Ark., Jan. 13, 2004 (PRIMEZONE) -- The Law Firm of Emerson Poynter LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Marsh & McLennan Companies, Inc. ("MMC") (NYSE:MMC) publicly traded securities during the period between January 3, 2000 and November 3, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained by request from Emerson Poynter LLP.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint charges Marsh & McLennan and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning the Company's subsidiary, Putnam Investments, LLC ("Putnam"), caused Marsh & McLennan's stock price to become artificially inflated, inflicting damages on investors. Marsh & McLennan is a global professional services firm and the parent company of various subsidiaries and affiliates, including Putnam, that provide clients with analysis, advice and transactional capabilities in the fields of risk and insurance services, investment management and consulting. The complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented the following adverse facts, among others: (1) that Putnam entered into an illegal agreement with its own fund managers and favored investors wherein Putnam permitted its own fund managers and the favored investors to "market time" the Putnam mutual funds; (2) that in exchange for permitting the favored 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 earning per share.
Emerson Poynter LLP has substantial experience representing investors in securities fraud class actions and other complex governance and consumer litigation. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors and consumers throughout the nation.
If you purchased MMC publically traded securities between January 3, 2000 and November 3, 2003 and sustained damages, you may move the Court to serve as lead plaintiff no later than February 2, 2004. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff by contacting Tanya R. Autry of the firm's shareholder relations department toll free at 1-800-663-9817 or by e-mail at, shareholder@emersonfirm.com .
More information on this and other class actions can be found on the Class Action Newsline at, www.primezone.com/ca .