Invesco Van Kampen Fund Wins Dismissal of Derivative Suit

On behalf of the trustees of Invesco Van Kampen Funds, Skadden defeated a shareholder derivative action claiming that the board and fund advisor had breached fiduciary duties in redeeming auction rate preferred shares of various funds. On August 27, Justice Janet L. Sanders of the Massachusetts Superior Court, Business Litigation Section dismissed the case with prejudice, holding that the plaintiff had failed to sustain the burden of demonstrating that the trustees' decision to reject her demand was "in bad faith and made with a lack of investigation."