Stephen Cutler Reforms Quotations

The $375 million that Bank of America has agreed to pay and the significant reforms that it has agreed to implement reflect the seriousness of the misconduct in this matter, ... We will continue to investigate that misconduct in an effort to hold all responsible parties accountable.

The $100 million that Janus has agreed to pay and the significant reforms that it has agreed to implement reflect the seriousness with which the staff views market-timing arrangements,

The reforms Putnam will undertake as part of the commission's order are intended to provide real and substantial protections for mutual fund investors.