The US Securities and Exchange Commission last night filed charges against six former officers of Putnam Fiduciary Trust, a transfer agent owned by insurer Marsh & McLennan, for allegedly defrauding a defined contribution plan client and group of Putnam funds of about $4m (€3.3m).

The SEC alleged in US District Court in Boston that in January 2001, Putnam Fiduciary was a day late in investing certain assets of healthcare services and products company Cardinal Health. The delay meant Cardinal's defined-contribution plan missed out on nearly $4m in market gains, the SEC said.