In January 2022, Vice Chancellor Lori Will of the Delaware Court of Chancery issued a groundbreaking opinion in In re MultiPlan Corp. Stockholders Litigation that paved the way for SPAC stockholders to bring direct breach of fiduciary duty claims against SPAC boards and sponsors. In the ruling, the court clarified that “well-worn fiduciary principles” under Delaware law would apply to SPAC board decisions.
Source: Court of Chancery Issues First Dismissal of a SPAC Disclosure Complaint