Sidley Rebalances ETF Dispute in Delaware Supreme Court Win

Sidley secured a major victory on behalf of Benchmark Investments LLC in an appeal before the Delaware Supreme Court. On April 30, 2026, the Court unanimously reversed an adverse summary judgement decision in a contract dispute with Pacer Advisors concerning termination rights under an exchange-traded fund (ETF) services agreement. The en banc decision establishes Pacer’s liability for improper termination, and the case will now proceed to determining Benchmark’s damages, which are potentially well in excess of US$100 million. In addition to being commercially important to Benchmark, the decision is broadly significant to the ETF industry and provides important guidance on contract interpretation under Delaware law.

The Sidley team was led by Gregory M. Williams, Jacquelyn Fradette, and Alaric Smith. Gregory M. Williams and Jacquelyn Fradette were named Runners-Up for “Litigator of the Week” by The American Lawyer Litigation Daily for their representation in this case.