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Tuesday, September 11, 2012

ProShares Beats a Class-Action

News summary by MFWire's editors

A class-action suit filed by ETF investors against 44 products by ProShares was dismissed by a New York judge.

The Reuters report says the decision to dismiss was made by Judge John G. Koeltl in the US District Court in the Southern District of New York.

The suit was filed in August of 2009 complaining that ProShares did not disclose fully the risks that came with investing in their ETFs. The complainants also accused ProShares of knowing from the start that they could suffer huge losses through a mathematical formula.

The judge believed otherwise, saying ProShares did proper disclosure. Judge Koeltl further wrote that the allegation about ProShares being able to tell huge losses using a mathematical formula was "implausible."

 

Edited by: HFD


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