TCW Group Inc. is facing litigation in Delaware for scuttling a potential blank-check transaction and instead dissolving a special purpose acquisition company backed by the asset manager.
The lawsuit filed Tuesday also targets several top TCW executives, including CEO David Lippman. The brewing legal fight appears to be the first in Delaware’s Chancery Court—the leading US forum for M&A disputes—among sponsors of a SPAC, a type of shell entity formed to take a private business public through a merger known as a de-SPAC.
The suit by a group of investors says TCW brought them on to spread out risks associated ...
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