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Case Status:    SETTLED
On or around 04/09/2008 (Ongoing date of last review)

Filing Date: October 31, 2003

9/14/10 Settlement Agreement executed.

4/21/10 Settlement Agreement Filed.

According to an article dated April 7, 2008, Invesco Ltd. settled for $9.8 million a putative shareholder class action complaint and a derivative complaint that were filed against it in a consolidated lawsuit pending with the U.S. District Court for the District of Maryland, according to the company's Feb. 29, 2008 Form 10-K filing with the U.S. Securities and Exchange Commission for the fiscal year ended Dec. 31, 2007.

As summarized by the Company’s FORM 10-Q for the quarterly period ended September 30, 2007, following the industry-wide investigation by the SEC, the New York Attorney General’s Office and other regulators, into potential market timing activity in mutual funds, multiple lawsuits based on market timing allegations were filed against various parties affiliated with Invesco. These lawsuits were consolidated in the United States District Court for the District of Maryland, together with market timing lawsuits brought against affiliates of other mutual fund companies, and three amended complaints were filed against company-affiliated parties: (1) a putative shareholder class action complaint brought on behalf of shareholders of AIM funds formerly advised by Invesco Funds Group, Inc.; (2) a derivative complaint purportedly brought on behalf of certain AIM funds (including certain funds formerly advised by Invesco Funds Group, Inc.) and such fund registrants; and (3) an ERISA complaint purportedly brought on behalf of participants in the company’s 401(k) plan. On March 1, 2006, the court entered orders dismissing certain claims asserted against company-related defendants in the shareholder class action and derivative lawsuits but preserving claims under Section 10(b) of the Exchange Act and Section 36(b) of the Investment Company Act of 1940, as amended. On September 15, 2006, the court dismissed the ERISA lawsuit with prejudice. The plaintiff has appealed that dismissal to the United States Court of Appeals for the Fourth Circuit.

In March 2004, the case was transferred from the U.S. District Court for the District of Colorado to the U.S. District Court for the District of Maryland. The case is being handled in Multidistrict Litigation under, In re Mutual Funds Investment Litigation, case number 04-MD-15864. On September 30, 2004, a Consolidated Amended Class Action Complaint was filed.

The complaint alleges violations of the Securities Act of 1933, the Securities Exchange Act of 1934, among other claims, and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the INVESCO Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Canary and the Doe Defendants, to illegally engage in 'timing' of the INVESCO Mutual Funds whereby these favored investors were permitted to conduct short-term, 'in and out' trading of mutual fund shares, despite explicit restrictions on such activity in the INVESCO Mutual Funds' prospectuses. Specifically, the Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint alleges that late trading and timing practices injure ordinary mutual fund investors, who are not allowed to engage in such practices, and are acknowledged as improper practices by the Funds. The Complaint alleges that these practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and represented that post 4 P.M. EST trades will be priced based on the next day's net asset value and that premature redemptions will be assessed a charge.

The Funds, and the symbols for the respective Funds named in the complaint, are as follows:

INVESCO Advantage Health Sciences Fund (Sym: IAGHX, IGHBX, IGHCX);
INVESCO Advantage Fund (Sym: IADAX, IADBX, IADCX);
INVESCO Latin American Growth Fund (Sym: IVSLX);
INVESCO Core Equity Fund (Sym: ICEAX, ICEBX, IINCX, FIIIX, IEIKX);
INVESCO Dynamics Fund (Sym: IDYAX, IDYBX, IFDCX, FIDYX, IDYKX);
INVESCO Energy Fund (Sym: IENAX, IENBX, IEFCX, FSTEX, IENKX);
INVESCO Financial Services Fund (Sym: IFSAX, IFSBX, IFSCX, FSFSX, FSFKX);
INVESCO Gold & Precious Metals Fund (Sym: IGDAX, IGDBX, IGDCX, FGLDX);
INVESCO Health Sciences Fund (Sym: IAHSX, IBHSX, IHSCX, FHLSX, IHSKX);
INVESCO International Core Equity Fund (formerly known as International Blue Chip Value Fund)
(Sym: IBVAX, IBVBX, IBVCX, IIBCX);
INVESCO Leisure Fund (Sym: ILSAX, LSBX, IVLCX, FLISX, ILEKX);
INVESCO Mid-Cap Growth Fund (Sym: IMGAX, IMGBX, IMGCX, IVMIX);
INVESCO Multi-Sector Fund (Sym: IAMSX, IBMSX, ICMSX, ICMSX);
AIM INVESCO S&P Index Fund (Sym: ISPIX);
INVESCO Small Company Growth Fund(Sym: ISGAX, ISGBX, ISGCX FIEGX ISCKX);
INVESCO Technology Fund (Sym: ITYAX, ITYBX, ITHCX, FTCHX, ITHKX);
INVESCO Total Return Fund(Sym: IATRX, IBTRX, ITRCX, FSFLX);
INVESCO Utilities Fund(Sym: IAUTX, IBUTX, IUTCX, ISTUX);
AIM INVESCO Cash Reserves Fund (currently known as AIM Money Market Fund)
(New symbol: AIMXX);
AIM INVESCO Tax-Free Money Fund (Sym: FFRXX);
AIM INVESCO Treasurers Money Market Reserve Fund (Sym: IMRXX);
AIM INVESCO Treasurers Tax-Exempt Reserve Fund (Sym: ITTXX);
AIM INVESCO US Government Money Fund (Sym: FUGXX);
INVESCO Advantage Fund (Sym: IADAX, IADBX, IADCX);
INVESCO Balanced Fund (Sym: IBLAX, IBLBX, IBNCX, IBFIX, IMABX, IBLKX);
INVESCO European Fund (Sym: IEUAX, IEUBX, FEURX, IEUKX);
INVESCO Growth Fund (Sym: IAGWX, IBGWX, IBGCX, FLRFX, IGWKX);
INVESCO High-Yield Fund (Sym: IAHYX, IBHYX, IHYCX FHYPX., IHYKX);
INVESCO Growth & Income Fund, (Sym: IGIAX, IGIBX, IGRCX, IVGIX, IGIKX);
INVESCO Real Estate Opportunity Fund (Sym: IAREX, IBREX, IRECX, IVSRX);
INVESCO Select Income Fund (Sym: IASIX, IBSIX, ISICX, FBDSX);
INVESCO Tax-Free Bond Fund (Sym: IXBAX, IXBBX, ITFCX, FTIFX);
INVESCO Telecommunications Fund (Sym: ITLAX, ITLBX, INTCX, ISWCX, ITEKX);
INVESCO U.S. Government Securities Fund (Sym :IGVAX, IGVBX, IUGCX, FBDGX);
INVESCO Value Fund (Sym: IAVEX, IBVEX, IVACX, FSEQX)

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United Kingdom

SECURITIES INFORMATION:

Ticker Symbol: IAGHX
Company Market: ETF
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maryland
DOCKET #: 03-CV-02182
JUDGE: Hon. Marcia S. Krieger
DATE FILED: 10/31/2003
CLASS PERIOD START: 01/01/1998
CLASS PERIOD END: 10/31/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Associates
    One Penn Plaza, Suite 1910, Abraham & Associates, NY 10119
    212.714.2444 212.714.2444 · Larryl@abrahamlaw.com
  2. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  3. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  4. Allen & Vellone, P.C.
    1600 Stout Street, Suite 1100 , Allen & Vellone, P.C., CO 80202
    303.534.4490 303.893.8330 ·
  5. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  6. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  8. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  11. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #:
JUDGE: Hon. Marcia S. Krieger
DATE FILED: 09/30/2004
CLASS PERIOD START: 12/05/1998
CLASS PERIOD END: 11/24/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Tydings & Rosenberg LLP
    100 East Pratt Street, Tydings & Rosenberg LLP, MD 21202
    410.752.9700 410.757.5460 · webmaster@tydingslaw.com
No Document Title Filing Date
No Document Title Filing Date