Fertitta-Spurned SPAC Settles Suit Over $33 Million Breakup Fee

FAST Acquisition Corp., a special-purpose acquisition company backed by Ruby Tuesday Inc. founder Sandy Beall, will pay $12.5 million to resolve investor litigation alleging Beall and others tried to keep for themselves a $33 million breakup fee to end a planned merger with the parent company of Golden Nugget casinos, under a settlement approved Monday by the Delaware Court of Chancery.

Vice Chancellor Paul Fioravanti Jr. also approved a $2 million attorneys fee award, plus almost $43,000 in expenses.

A $5,000 incentive award for the class’s lead plaintiff, Special Opportunities Fund Inc., will be deducted from the attorneys fee award. ...