Lawsuit that pitted former executives of XShares against its current directors has been dismissed by the court.

 

Finally, there is some good news for exchange-traded fund company XShares Group. The Supreme Court of New York County has dismissed a lawsuit filed against the company by former executives.

The lawsuit, XShares v. Jeffrey Feldman et al., was filed by Donald Aven, former XShares Securities executive vice president of national sales, and Samuel Aven, an investor in the company.

The suit named XShares founder Jeffrey Feldman and 10 other company managers or officers as defendants, and alleged improper actions related to the management of the company (see story here).

Justice Charles Ramos stated that no proper amended complaint had been put before the court and also found that the caption was incorrect in naming XShares Group LLC, as the plaintiff, instead of the Avens as plaintiffs individually and on behalf of

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