Why So Many Law Firms Are Rallying In Defense Of SPACs

By Tom Zanki (September 2, 2021, 7:22 PM EDT) -- A pivotal legal battle is taking place that could sway the entire industry for special purpose acquisition companies, with about five dozen law firms stating their opposition to a trio of novel lawsuits claiming that SPACs should be subject to stringent rules governing investment companies.

The law firms' recent joint statement — which had 63 signatories as of this week, up from 49 last Friday, including many with large SPAC practices — were crafted to counter litigation alleging that three SPACs are operating illegally because they failed to register as investment companies.

The first of the three federal lawsuits — all of...

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