Invesco Decides to Settle Market-Timing Charges
Parent company Amvescap uncovers new evidence and opts to drop its defense.
Amvescap (AVZ), which a month ago vowed to defend its Invesco Funds Group subsidiary against charges of improper trading, has decided to enter settlement talks with state and federal regulators instead.
On Wednesday Amvescap, the parent company of the Invesco and AIM fund families, said an internal investigation had uncovered new evidence that persuaded it to change its strategy. Amvescap officials would not reveal the evidence, but said that they gave it to state and federal authorities and that the firm was now willing to negotiate with the Securities and Exchange Commission, and the New York and Colorado attorneys general.