The Securities and Exchange Commission said it would distribute millions of dollars to investors harmed by market-timing trading violations in mutual funds managed by Putnam Investment Management and Janus Capital Management.

More than 1.5 million Putnam investors will receive more than $150 million from the distribution plan, while more than 325,000 Janus investors will get over $18 million from the SEC Fair Fund. The Janus distribution is the first in a series that will return approximately $100 million to harmed investors as part of the SEC's 2004 settlement with Janus.

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