Invesco Funds confirmed this week that the U.S. attorney for the Southern District of New York has launched an investigation into possible misconduct, Dow Jones Newswires reports.
Invesco, the U.S. mutual fund arm of U.K.-based Amvescap PLC, is already being investigated by the Securities and Exchange Commission, the Labor Department, the National Association of Securities Dealers and a number of state agencies for improper market timing activities, late trading and fair-value pricing issues. The latest investigation was mentioned in a recent government filing by Invesco.
In addition, New York Attorney General Eliot Spitzer and the SEC filed civil charges in December against Invesco and its Chief Executive Officer Raymond Cunningham, who took an an administrative leave in April. In the lawsuits, Spitzer and the SEC accused Invesco of failing to notify its shareholders and board members that it entered into arrangements giving a handful of institutional investors permission to rapidly trade its funds.