Three of the INVESCO global partners who resigned last week to join Deutsche Asset Management have filed a lawsuit against INVESCO seeking “declaratory and injunctive relief and damages,” according to a complaint they have filed. The three – Stephen Johnson, Fixed-Income CIO; Kenneth Bowling, portfolio manager and Director of Fixed Income; and James Guenther, Director of Global Credit Research – are contractually bound to stay with INVESCO for 12 months after they announce their intention to resign, according to Pensions & Investments.
The trio issued their resignation letters Monday, and the suit requests that the court declare the agreements invalid, calling them a “restrictive covenant that is unreasonable in breadth and scope.” INVESCO filed suit against the men earlier this week.