Tishman Speyer’s Latch Inc. SPAC Settlement Is Worth $30 Million

Tishman Speyer Properties LP affiliates and Latch Inc. have agreed to pay $29.75 million to resolve litigation challenging the smart lock maker’s public listing, according to court filings.

The legal accord calls for the property giant, billionaire developer Jerry Speyer, and other architects of Latch’s blank-check transaction to fund part of the settlement through their insurers, while the company will also cover a portion of the payment. The filings don’t appear to specify who will pay how much under the agreement, which requires a judge’s approval.

The proposed class action is part of a wave of shareholder litigation in ...