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News October 11, 2004 Issue

Invesco Settles

Invesco Funds Group has agreed to pay $215 million in disgorgement and $110 million in civil penalties to settle charges that it facilitated widespread market timing trading in its mutual funds. Affiliates AIM Advisors and AIM Distributors agreed to pay, jointly and severally, $20 million in disgorgement and a total of $30 million in civil penalties to settle similar charges. Invesco’s former president and CEO, Raymond Cunningham, settled related charges, paying $1 in disgorgement and $500,000 in civil penalties.

When first confronted with the SEC charges, parent company AMVESCAP called the allegations "without merit" and promised to vigorously contest them. The firm softened that position a few weeks later, after conducting an internal review.