Invesco Fund Trustees Escape Investor Suit Over Share Swap

Law360, Las Vegas (August 27, 2013, 9:02 PM EDT) -- The board of trustees of an Invesco Ltd. unit dodged a derivative shareholder suit Monday when a Massachusetts judge dismissed claims that the board acted against investors’ best interests when it sold its holdings at face value.

Plaintiff Arlene Averbuch claimed the board had breached its fiduciary duties when it chose to swap illiquid preferred shares for tender options bonds at par, rather than at a premium, but she didn’t sufficiently prove the board had made the swaps without the shareholders in mind, Massachusetts Superior Court...
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