Massachusetts securities regulatorsgot steamed over an SEC ruling againstFranklin Templeton under which the firmsettled but did not admit or deny wrongdoingin allowing improper trading. Thephrase "without admitting or denying anywrongdoing" is standard in such filingsand is seen as a defense against costly civillitigation. But regulators from the BayState thought that the mutual fund firmshould confess to its corporate sins. In theend, Franklin revised its filing, butretained the phrase about not admittingor denying any wrongdoing. Massachusettshas barred the phrase from settlementsagainst other firms, includingPutnam Investment Management.