Close Close

Portfolio > Alternative Investments > Hedge Funds

Milberg Weiss Sues Invesco Funds Group on Timing, Canary Ties

Your article was successfully shared with the contacts you provided.

NEW YORK (–A prominent plaintiffs’ law firm, Milberg Weiss Bershad Hynes & Lerach LLP, announced another in its growing list of class-action lawsuits arising out of the market-timing scandals.

In a release, Milberg Weiss said that on Dec. 4 it filed a class-action lawsuit against Amvescap plc, Invesco Funds Group Inc. and others on behalf of purchasers of the securities of the Invesco family of funds.

The lawsuit, like others filed by this law firm before it Previous HedgeWorld Story, alleges that the defendants improperly allowed certain favored investors–including the Canary hedge fund group managed by Edward J. Stern–to engage in late trading and/or timing of the defendant funds’ securities.

The lawsuit now is pending before Judge Thomas P. Griesa, of the U.S. district court for the Southern District of New York.

The complaint defines the injured class to include all persons who purchased the securities of any of the listed mutual funds between Dec. 5, 1998 and Nov. 24, 2004.

The London-based Amvescap is the parent of the Invesco Funds Group Inc. The New York State attorney general and the Securities and Exchange Commission both have charged Invesco and its chief executive, Raymond R. Cunningham , with the offenses upon which this complaint builds.

[email protected]