The case of Phil Fragasso vs. Rydex Investments has ended. The case, filed last August, was dismissed at the request of both parties on August 6, The MFWire has learned.

The case was dismissed with prejudice and each party will pay their own costs and fees, according to court documents.

Contacted by The MFWire for comment, Fragasso could only say that the matter was resolved. A Rydex spokeswoman did not have any comment on the case.

The suit involved a verbal promise allegedly made by Rydex CEO Carl Verbencouer to Fragasso that he would receive an extra 30,000 "Executive Participation Units" in exchange for signing an non-complete agreement. The units had an estimated worth of $1.3 million, according to court papers.

Fragasso had also claimed that he signed an even more restrictive non-compete agreement after Verbencouer promised that the award of those units would be accelerated should Rydex be sold as it was to Security Benefit in June of 2007.

See the MFWire's full coverage of the case:

Marketer Sues Rydex, Claims Broken Promises

Suit Hints at Rydex Price Tag

Fragasso's Job Becomes Collateral Damage of Lawsuit

Fragasso V. Rydex Case Gridlocked Over Jurisdiction

Security Benefit Added to Defendant Roster In Fragasso Case

Update 1 | Rydex Launches Defense Against Fragasso Suit

Finra Arbitration Halted in Fragasso Case  

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