Unusual Ending to Gold Suit

The man who charged the World Gold Council with stealing his idea for the streetTRACKS Gold Shares(GLD Quote) exchanged-traded fund is making an unusual mea culpa.

As part of an agreement to dismiss the three-year-old lawsuit, Dan Ascani now says in a court filing that his lawsuit against the WGC "was entirely without merit.''

"I have learned through the trial of this action that my lawsuit against World Gold Council was entirely without merit and I apologize to World Gold Council for suing them," says Ascani, in the sworn statement dated Dec. 7, a copy of which was distributed by WGC. ...