Exchange Traded Managers Group, Nasdaq Announce Settlement

Rhea-AI Summary

Nasdaq (NDAQ) and ETFMG have resolved a legal dispute by satisfying a December 20, 2019, judgment in the Southern District of New York. The agreement, dated October 28, 2021, led to the withdrawal of ETFMG's appeal with prejudice and a termination of their Asset Purchase Agreement from May 1, 2020, ensuring ETFMG retains all intellectual property and related assets. This resolution removes the claims Nasdaq had against ETFMG, allowing both companies to move forward without pending legal issues.

Positive

• Resolution of legal dispute allows Nasdaq and ETFMG to move forward.
• ETFMG retains its intellectual property and assets, preserving its business model.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Nasdaq (Nasdaq: NDAQ) and Exchange Traded Managers Group, LLC (ETFMG) have entered into an agreement dated October 28, 2021, to effect payment in full of the December 20, 2019 judgment (Judgment) entered against ETFMG in the Southern District of New York. Nasdaq therefore recorded a Satisfaction of Judgment with the Court and released its claims against ETFMG, and ETFMG withdrew its appeal of the Judgment with prejudice. The Asset Purchase Agreement between the parties, dated May 1, 2020, that would have caused the transfer of certain ETFMG intellectual property and related assets to Nasdaq was terminated, and the intellectual property and related assets remain with ETFMG.

About ETFMG®
ETFMG is a provider of exchange-traded funds (ETFs), founded in 2014 with a vision of developing innovative thematic ETFs that provide investors unique exposure to new markets. Today, the ETFMG fund line up provides access to a diverse collection of global themes and is comprised of 75% first-to-market products. We turn portfolio management strategies into successful ETFs by partnering with market segment experts to bring long-term growth opportunities to investors. ETFMG funds are proof as to the power of the ETF wrapper and that thematic products can have a place in investors’ portfolios. To learn more about ETFMG and our portfolio of exchange-traded funds please visit www.etfmg.com.

Carefully consider a Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or statutory prospectuses, available on www.etfmg.com. Please read the prospectus carefully before investing.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006124/en/

Deborah Kostroun

Zito Partners

(201) 403-8185

Source: Exchange Traded Managers Group, LLC

FAQ

What was the judgment against ETFMG related to Nasdaq (NDAQ)?

The judgment was a legal ruling entered on December 20, 2019, in the Southern District of New York against ETFMG.

What agreement was signed between Nasdaq and ETFMG on October 28, 2021?

An agreement was signed to effect payment in full of the December 20, 2019, judgment, allowing for both parties to settle the legal dispute.

What happened to the Asset Purchase Agreement between Nasdaq and ETFMG?

The Asset Purchase Agreement dated May 1, 2020, was terminated, meaning ETFMG retains its intellectual property and related assets.