Kelly Benchmark Indexes sued Pacer Advisors LLC in Delaware, claiming it’s wrongfully trying to end their exchange-traded-fund partnership, replace the Kelly real estate indexes backing the funds, and steal Kelly’s “entire business strategy.”
The lawsuit accuses Pacer of deliberately misinterpreting Kelly’s bid to restructure the agreement governing the ETFs, the Pacer Benchmark Industrial Real Estate and Pacer Benchmark Data & Infrastructure Real Estate funds. The funds, marketed by Pacer, are allegedly based on indexes devised by Kelly.
Pacer rejected the reorganization request, but it went on to treat the proposal as a standalone cancellation notice—which it accepted—even though it knew ...
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