SEC Announces $418M Fair Fund Distribution

Published December 14, 2009, 5:20 p.m. EST

1 Min Read

The Securities and Exchange Commission has announced the Fair Fund distribution of approximately $418 million to more than a million investors who were harmed by market timing activities in certain Invesco mutual funds managed by Invesco Funds Group, Inc.

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The distribution includes $325 million in disgorgement and penalties collected from the IFG after the Commission settled proceedings with IFG in 2004, plus $39 million in accrued interest.

The distribution also includes approximately $45.8 million in disgorgement, penalties and accumulated interest from the Banc of America Capital Management, LLC, BACAP Distributors LLC, and Banc of America Securities, LLC Fair Fund; and approximately $8.7 million in disgorgement, penalties and accumulated interest from the Bear, Stearns & Co., Inc. and Bear, Stearns Securities Corp. Fair Fund.

The SEC has returned approximately $7 billion in Fair Funds to investors since gaining increased authority by the passage of the Sarbanes-Oxley Act of 2002.

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