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 power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound