Perella Weinberg Partners SPAC Deal Hit With Challenge (Correct)

An investor in FinTech Acquisition Corp. IV, a “blank check” company formed to find a merger, sued in Delaware to halt its merger with Perella Weinberg Partners LLC on terms that would allegedly let the advisory “dominate” the tie-up and divert business opportunities to itself.

The transaction gives PWP affiliates a board supermajority, special high-voting shares, “the right to fire any director” or the CEO, and the ability to block deals “that displease them,” the lawsuit says. The “complete neutering” of the company’s directors will make them “ineffectual figureheads,” it adds.

“If this arrangement were not egregious enough,” the merger ...