A lawsuit was filed under Section 11 claiming undisclosed risks for various inverse and leveraged exchange-traded funds (ETFs).

Retained by the defense counsel and Direxion, NERA Senior Vice President Dr. Patrick Conroy submitted several expert reports and assisted counsel by quantitatively analyzing the disclosed risks and responding to plaintiffs’ claims.

Following a hearing on the motion for class certification, the case settled prior to the ruling on class certification.

Case name: Before the United States District Court Southern District of New York, In Re: Direxion Securities ETF Trust, Civil Action No. 1:09-CV-08011-RJH, 2012