Getty Images Warrant Holders Win $88 Million in SPAC Deal Fight

Getty Images Holdings Inc. must pay about $88 million to three investment funds for improperly denying their exercise of stock warrants after the media supplier went public by merging with a blank-check company.

It’s also liable for prejudgment interest in an amount still to be determined, Judge Jed S. Rakoff said for the US District Court for the Southern District of New York. Rakoff’s summary judgment ruling was entered Oct. 27 in the dockets of the two consolidated cases.

Alta Partners LLC and two CRCM LP funds, CRCM Institutional Master Fund (BVI) Ltd. and CRCM SPAC Opportunity Fund LP, proved ...