Extension Sought for Filing Invesco Complaint
The Securities and Exchange Commission said Monday that it asked a judge for another month to file more charges against money management firm Invesco Funds Group Inc. and a former chief executive.
The SEC filed a petition in U.S. District Court in Denver to extend until Aug. 27 an amended complaint against Denver-based Invesco and former Chief Executive Raymond Cunningham.
If the petition is denied, the SEC said, it requested a meeting with all involved parties.
The SEC said this month that the amended complaint would add more parties and claims to the lawsuit it filed in December over improper mutual fund trading.
The July filing did not identify the other parties or their ties to Invesco.
Invesco, a unit of London-based Amvescap, asked for more time to settle the lawsuit, saying it was cooperating with federal authorities.
Regulators have said Invesco allowed selected investors to engage in market timing -- a rapid trading strategy that lets investors profit from inefficiencies in mutual fund valuations.
Cunningham left his post at AIM Investments, an affiliate of Invesco, two weeks ago.
SEC officials, Invesco executives and a lawyer for Cunningham all declined to comment.
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