White & Case Settles with SPAC After Derailed $480M Deal

The firm sued II for more than $8.2 million in legal fees, claiming it stiffed the firm after failing to consummate a planned $480 million merger and then announcing plans to wind down this month.

The settlement came about quickly.

Colonnade, led by Joseph Sambuco and Remy Trafelet, raised $300 million in an and started trading on the on March 10, 2021. In August 2022, payments provider Plastiq said it would go public through a merger with the firm, creating a company with a value of about $480 million.

The SPAC did not complete the combination by its March 12 deadline, however, and on March 9 issued a that it would cease operations, redeem the public shares and dissolve. Read more.

Source: White & Case Settles with SPAC After Derailed 0M Deal