CarLotz Investors Get $13 Million Settlement OK’d in Merger Suit

A district court preliminarily approved a $13 million settlement agreement between CarLotz Inc. and investors who alleged securities fraud after the company merged with a special purpose acquisition company.

The agreement would resolve the investors’ claims that CarLotz misled them when it went public through a de-SPAC merger with Acamar Partners Acquisition Corp. in 2021, according to the preliminary approval order on Monday. Judge Arun Subramanian gave the class of investors its first green light on the agreement.

• Subramanian also preliminarily approved the settlement class, which consists of people and entities that purchased CarLotz securities between Oct. 22, 2020 and ...