ETF Pioneer Dodges $2.5M Fraud Suit Over Ties To Barclays

Law360 (August 8, 2019, 5:41 PM EDT) -- A Delaware federal judge on Thursday dismissed a lawsuit claiming one of the leaders in the industry for exchange-traded funds secured $2.5 million in investments by lying about his firm's relationship to banking giant Barclays.

U.S. District Judge Maryellen Noreika is giving Keystone Associates LLC and Cable Mountain Partners LLC another chance to amend claims that Benjamin Fulton falsely said Barclays was providing his company Elkhorn Capital Group LLC guaranteed annual marketing payments of $500,000 in return for selling the bank's ETF products.

That representation was allegedly made three months before Cable Mountain was even formed, Judge Noreika said, and the...

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