Invesco slapped with ETF trademark suit

Invesco Ltd., the Atlanta-based investment management company, has been sued by a Boston-based trust claiming infringement of its trademarks for exchange- traded funds.
NOV 10, 2010
Invesco Ltd., the Atlanta-based investment management company, has been sued by a Boston-based trust claiming infringement of its trademarks for exchange- traded funds. Select Sector SPDR Trust said Invesco began marketing its PowerShares funds using the same XL ticker symbols SPDR has been using, in a complaint filed today in U.S. District Court in Houston. Invesco introduced nine ETFs in April with the symbol XL that trade on the Nasdaq Stock Market, SPDR said. The trust said it has used XL for more than 10 years and that each of its ETFs traded an average of 25 million shares a day in 2009. In an example from the complaint, SPDR said its technology ETF uses the symbol XLK while Invesco’s PowerShares tech fund has XLKS. Invesco adopted the XL symbols “with the intent to obtain free publicity from the trust’s efforts and immediate market recognition,” John Fraser, the lawyer for SPDR, a unit of State Street Global Advisors Inc., wrote in the complaint. Ivy McLemore, a spokesman for Invesco, said it is company policy not to comment on litigation. Invesco rose 96 cents, or 5.3 percent, to $19.26 at 4:15 p.m. in New York Stock Exchange composite trading. The case is Select Sector SPDR Trust v. PowerShares Exchange-Traded Fund Trust II et al., 10-02589, U.S. District Court, Southern District of Texas (Houston).

Latest News

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income