(MONEY Magazine) – Putnam has agreed to pay $110 million to settle market-timing charges. Here's where all that cash is going. The firm will pay $10 million that investors allegedly lost, plus $50 million in SEC fines. All of that money will ultimately go to investors. But don't expect a check in the mail: The $60 million will most likely be added to the value of the affected funds rather than being paid directly. So if you sold a fund, you'll get nothing; if you bought in after the scandal, you'll benefit (albeit only slightly). The other $50 million will go to pay fines to Massachusetts. By law, the state keeps the dough. --TARA KALWARSKI