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NASDAQNASDAQ, the world’s second-largest stock exchange, filed suit in the U.S. District Court for the Southern District of New York Thursday against a New Jersey fund management company, claiming it is attempting to steal a number of multimillion-dollar exchange-traded funds in its care.

ETF Managers Group was contracted by the stock exchange, as part of an agreement reached with a company purchased by NASDAQ in 2016, to manage the PureFunds line of ETFs, according to the complaint in NASDAQ v. ETF Managers Group, 17-cv-08252.

The complaint states that ETF Managers has operated the funds since 2015. The funds, first launched in 2012, focus on a number of areas, such as video games and cybersecurity. The latter fund has more than $1 billion in assets under management, NASDAQ claims.

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Colby Hamilton

B. Colby Hamilton is a litigation reporter for the New York Law Journal and Law.com.

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