The SEC announced that a Fair Fund distribution of approximately $418 million went out today to more than one million investors who were affected by undisclosed market timing in certain Invesco mutual funds advised by Invesco Funds Group, Inc.
Today’s distribution stems from a prior SEC enforcement action against IFG, and also includes money from two other Fair Funds related to enforcement actions that affected Invesco investors. The SEC stated that the $418 million includes:
- $325 million in disgorgement and penalties collected from IFG in the settlement of administrative and cease-and-desist proceedings in 2004, plus accrued interest of approximately $39 million.
- $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.
Information regarding the distribution can be obtained at http://www.invescofairfund.com.