OppFi’s Blank-Check Merger Draws Court Challenge From Investor

An OppFi Inc. investor sued the architects of its blank-check merger Thursday, claiming corporate insiders were driven by the prospect of an enormous windfall to dupe shareholders into a doomed deal.

The lawsuit targets the financial industry veterans who sponsored FG New America Acquisition Corp., the special purpose acquisition company that combined with OppFi to take it public in 2021. The SPAC backers named as defendants include former TD Ameritrade chairman Joe Moglia.

The proposed class action accuses them of “forcing through a value-destroying merger” with OppFi because the transaction’s lopsided structure ensured they’d make a huge profit on virtually ...