Dave Ascani withdrew his suit claiming the World Gold Council stole his idea for a gold exchange traded fund (ETF). A day after the trial began in a New York Court, Ascani declared his lawsuit was "entirely without merit" and apologized for suing WGC. Dorothy Kosich reports that James Burton, chief executive of WGC, says he knew the case had no merit and he is pleased by the conclusion.

The WGC adopted the gold ETF in the streetTracks Gold Shares (GLD), which is now at $8 billion assets in two years.

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