Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.

The action alleges that Marsh & McLennan failed to disclose that its subsidiary Putnam Investments, LLC, allowed select favored customers, and its own fund managers, to engage in market timing (rapid in and out trading) of certain Putnam mutual funds. Market timing improperly allows an investor to trade in and out of a mutual fund to exploit short term moves and inefficiencies in the manner in which mutual funds price their shares. Included in the proposed class are all those who acquired the company's shares through its acquisitions of Johnston & Culberson, Inc. and Mercer Oliver Wyman.

On September 16, 2003, William Galvin, Massachusetts Secretary of the Commonwealth, announced that he was investigating improper fund trading at Putnam. On October 21, 2003, Putnam disclosed that it was being investigated by the SEC for market timing. As a result of defendants' false statements and failure to disclose adverse facts about its Putnam subsidiary, Marsh & McLennan shares traded at artificially inflated levels during the applicable period.

If you purchased or otherwise acquired Marsh & McLennan stock from January 3, 2000, through November 3, 2003, and wish to act as a lead plaintiff, you must request appointment by the Court to act in that capacity not later than January 30, 2004.