HOUSTON, April 15, 2011 /PRNewswire/ -- Invesco Advisers, Inc. announced that the Board of Trustees of Invesco Van Kampen Trust for Investment Grade New York Municipals (NYSE: VTN) (the "Fund") has received a demand letter from a law firm on behalf of a common shareholder of the Fund.
The letter alleges that the Fund's adviser and certain trustees and officers breached fiduciary duties owed to the Fund's common shareholders related to the Fund's redemption of auction rate preferred shares ("ARPS"). The letter states that the shareholder will file a complaint on behalf of the Fund if the trustees do not take certain actions within 60 days.
The Board of Trustees of the Fund will conduct an inquiry regarding the allegations contained in the demand letter.
Investing involves risk and it is possible to lose money on any investment in the funds.
Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds and the subdistributor for its STIC Global Funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.