49 Law Firms Push Back Against Litigation Targeting SPACs

By Tom Zanki (August 27, 2021, 11:52 AM EDT) -- Forty-nine law firms have united in opposition to recent lawsuits arguing that special purpose acquisition companies should be regulated as investment companies — the basis of litigation against Bill Ackman's massive SPAC and two others — saying Friday that the suits are meritless.

If the suits were to prevail, SPACs, which have become a popular alternative to traditional initial public offerings and a booming revenue source for capital markets and mergers and acquisitions practices, would be subjected to regulation under the Investment Company Act of 1940. That legislation covers businesses that invest in securities on a regular basis, such as mutual...

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