INVESCO Institutionals lawsuit against Deutsche Asset Management over the departure of four INVESCO global partners was dismissed Wednesday by a U.S. District Court judge in New York. The dismissal, want of jurisdiction, was first reported earlier today on Pensions & Investments website, www.pionline.com.
INVESCO had claimed, in one count, that DeAM violated a federal law in issuing false and misleading news releases about the hiring of the four individuals. Judge Alvin K. Hellerstein dismissed this count, as well as four other counts alleging tortious interference, aiding and abetting breaches of fiduciary duties, misappropriation of trade secrets, and unfair competition in hiring the four employees. INVESCO can re-file an appeal on these four counts in New York State Supreme Court, where the suit originally had been filed before being moved by INVESCO to federal court.
Doug Kidd, INVESCO spokesman, said the company will file an action in state court before the end of the week. Deutsche Bank has delayed the public presentation of evidence establishing their culpable behavior, but they have not avoided the inevitable time when this information will be presented to the court, said Mr. Kidd in a statement.
Ted Meyer, DeAM spokesman, declined to comment.