The gold bullion exchange traded fund (ETF) has Dan Ascani feeling ripped off. streetTracks Gold Shares (GLD) has over $9 billion in assets and the two-year-old ETF is the object of this lawsuit. Ascani is accusing the World Gold Council of stealing his idea. His lawsuit dates back to November 2003 and alleges that WGC took his idea for an ETF and then developed a "suspiciously similar product", reports Simon Constable for The Street.com.
The civil complaint is that Ascani had WGC sign a confidentiality agreement in April 2000 before disclosing details about his gold-based investment product. The agreement was betrayed when the SEC filed in 2003, revealing the secret information. Ascani seeks damages in excess of $450,000.
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