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
By  Bloomberg
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

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.