Reuters and Law360 Report on ProShares Class Action Case Win
Articles in Reuters and Law360 report on the recent developments in the case against Ropes & Gray client ProShares Advisors LLC (Pro Shares), in which investors challenged how risks were disclosed by the company. ProShares is the market’s leading provider of leveraged and inverse exchange-traded funds (ETFs), which seek to achieve returns equal to specified multiples of a benchmark index or its inverse on a daily basis.
The articles note that the 2nd U.S. Circuit Court of Appeals recently affirmed a District Court ruling dismissing all claims against ProShares. Boston-based business & securities litigation partner Rob Skinner, who represented ProShares in the case, is quoted in both articles. In an interview with Reuters, he notes that the company, “clearly and comprehensively disclosed the risks of investing in their ETFs in a volatile market…The plaintiffs' bar has tried to take advantage of the financial crisis in these lawsuits, but courts have recognized that all of the relevant risks were fully disclosed."
In addition to Mr. Skinner, the Ropes & Gray team that represented ProShares included Washington, D.C.-based business & securities litigation partner Doug Hallward-Driemeier.