A New York federal judge on Friday awarded $78 million to Nasdaq Inc. in a civil breach-of-contract lawsuit that accused the manager of several exchange-traded funds of misappropriating profits.
U.S. District Judge Paul Engelmayer of the Southern District of New York ruled in a 166-page opinion that Nasdaq had “established, in multiple respects,” that Exchange Traded Fund Managers Group had kept millions of dollars in management fees generated by ETFs, including a $1.5 billion cybersecurity fund known by its ticker HACK.
