The Securities and Exchange Commissions next huge settlement could come from British/U.S.-based Amvescap, Londons Financial Times reports. People privy to discussions between the two parties postulate that a settlement could take place just after Sept. 6, Labor Day in the United States.
Share prices have risen over the past few days, as hot-stove talk about a possible settlement has turned up. According to a document back in April, Amvescap had set aside $300 million to cover settlement costs relating to its US-based Invesco outfit. But The Times reports that since Januss recent settlement was for $200 million including money returned to investors, paid in restitution and shelled out in civil penalties the Amvescap number could be lower than that $300 million set aside.
Invescos woes began last December, when the Colorado and New York attorneys general filed market-timing charges against it. Since then, Amvescap Chairman Charles Brady has admitted that the charges hurt his companys U.S. business.