Nasdaq Wins Lawsuit Against Issuer Over Cybersecurity ETF (2)

Dec. 20, 2019, 9:49 PM

Nasdaq Inc. won $78 million in a breach-of-contract lawsuit against the manager of several exchange-traded funds it accused of misappropriating profits.

U.S. District Judge Paul Engelmayer ruled Friday for Nasdaq in the 2017 suit against Exchange Traded Managers Group LLC. Nasdaq claimed the manager had failed to pay its dues and misappropriated profits from HACK, a $1.5 billion cybersecurity fund, and several other ETFs.

The ETF manager had denied the allegations and countered that Nasdaq had breached a wholesaling agreement and favored the interests of a rival ETF. Nasdaq, which runs the stock market of the same name, also ...

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