Nasdaq, Inc. v. ETF Managers Group, LLC et al

Filing 190

CLERK'S JUDGMENT re: 189 Memorandum & Opinion. in favor of Nasdaq, Inc. against ETF Managers Group, LLC, Exchange Traded Managers Group, LLC in the amount of $ 80,581,134.85. It is hereby ORDERED, ADJUDGED AND DECREED: That for the reasons stated in the Court's Opinion and Order dated December 20, 2019, following a 10-day bench trial, the Court holds that Nasdaq has established, in multiple respects, its claims for breach of contract against ETFMG; Nasdaq, however, has no t established its claims for breach of duty of good faith and fair dealing, conversion, unfair competition, unjust enrichment, or quantum meruit; the Court also hold that ETFMG has failed to establish any of its counterclaims; the Court further finds that Nasdaq is entitled to an award of the following in compensatory damages: (i) $10,908,711 in retrospective damages, with prejudgment interest of 9% thereon to be measured as of November 1, 2017, in the amount of $2,095,369.12; (ii ) $67 million in prospective damages; and (iii) $494,461.36 in damages under the Wholesaling Agreement, with prejudgment interest of 5% over the Federal Reserve rate of 1.5% thereon to be measured as of May 16, 2017, in the amount of $82,593.37 for a total sum of $80,581,134.85; the Court declines to award punitive damages or equitable relief. (Signed by Clerk of Court Ruby Krajick on 12/20/2019) (Attachments: # 1 Notice of Right to Appeal)(dt)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
------------------------------------------------------------X
NASDAQ, INC.,
17 CIVIL 8252 (PAE)

Plaintiff,

JUDGMENT

-againstEXCHANGE TRADED MANAGERS GROUP,
LLC, and ETF MANAGERS GROUP, LLC,
Defendants.

-----------------------------------------------------------X
It is hereby ORDERED, ADJUDGED AND DECREED: That for the reasons

stated in the Court's Opinion and Order dated December 20, 2019, following a IO-day bench
trial, the Court holds that Nasdaq has established, in multiple respects, its claims for breach of
contract against ETFMG; Nasdaq, however, has not established its claims for breach of duty of
good faith and fair dealing, conversion, unfair competition, unjust enrichment, or quantum
meruit; the Court also hold that ETFMG has failed to establish any of its counterclaims; the
Court further finds that Nasdaq is entitled to an award of the following in compensatory
damages: (i) $10,908,711 in retrospective damages, with prejudgment interest of 9% thereon to
be measured as of November 1, 2017, in the amount of$2,095,369.12; (ii) $67 million in
prospective damages; and (iii) $494,461.36 in damages under the Wholesaling Agreement, with
prejudgment interest of 5% over the Federal Reserve rate of 1.5% thereon to be measured as of
May 16, 2017, in the amount of $82,593.37 for a total sum of $80,581,134.85; the Court declines
to award punitive damages or equitable relief.
Dated: New York, New York
December 20, 2019

B

THIS DOCUMENT WAS ENTm("Er>
ON THE DOCKET ON

/~7~/ f