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Nasdaq, PureShares and ETFMG reach settlement

Nasdaq (NASDAQ:NDAQ) and Exchange Traded Managers Group agree to certain cash payments from ETFMG to Nasdaq and PureShares LLC, under the settlement.

Also ETFMG will transfer certain of its intellectual property and related assets to a Nasdaq affiliate. The transaction is expected to close in H2 2020.

The settlement resolves claims regarding former PureFunds ETFs in two separate lawsuits — one in the Southern District of New York Federal Court and the other in the New Jersey State Superior Court.

In the suits, Nasdaq and Andrew Chanin,  founder of the cybersecurity ETF known as HACK, accused ETFMG of stealing $1.4B in ETFs.

Previously: Nasdaq cyber ETF suit goes to trial (May 13, 2019)

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