Whistleblower drags Invesco to court, seeks Rs 56 crore in compensation

Whistle blower drags Invesco to court

Financial services firm Invesco Asset Management (India) found itself in legal soup after a whistleblower knocked the doors of Bombay High Court, seeking a compensation of Rs 56 crore reportedly, "for loss of income and livelihood, prolonged mental agony and suffering, harm in reputation and legal costs."

In the petition, the whistleblower argued before the court that he has been wrongfully terminated for "gross misconduct" by a senior asset manager. As a consequence of the alleged wrongful termination suffered by the whistleblower, avenues for finding a new fruitful job as a fund manager or a securities dealer have been reduced to zero, the petition added.

The whistleblower claims that he was wrongfully terminated because of the complaint filed against the asset manager with the Securities Exchange Commission and other regulators, and not for any misconduct committed by the whistleblower. A petition prays for a two-pronged relief, namely, the withdrawal of the termination letter and the release of a clean relieving letter.

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Apparently, the whistleblower worked in the position of a fund manager in Invesco and was fired from his position only a few days after he raised a complaint against the flawed practices and irregularities adopted in the management of fixed income schemes in the firm.

In the meanwhile, the Bombay High Court has directed the two parties to settle the matter amicably outside the court. Reportedly, two rounds of negotiations are yet to yield any categorical results.