On February 9, 2022, Justice Barry R. Ostrager of the New York County Commercial Division issued a decision in Pacific Alliance Asia Opportunity Fund L.P. v. KwokHo Wan, 2022 N.Y. Slip.
Key Points
Between September 2020 and March 2021, at least 35 SPACs have
been hit with one or more shareholder lawsuits filed in New York
state court.
These lawsuits generally allege that SPAC directors breached
their fiduciary duties to shareholders by providing allegedly
inadequate disclosures regarding proposed de-SPAC mergers. Some of
these lawsuits also assert claims against the SPAC itself, as well
as the target company and its board of directors, for allegedly
aiding and abetting the SPAC directors breaches.
Although these cases are in their early stages and assert
claims that are limited in scope, they signify that the
plaintiffs bar is actively monitoring and pursuing SPACs. As
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The New York City Council just passed two bills (Int. 1396-A and 1415-A) that limit when a fast food employer can discharge fast food employees, only permitting terminations for “just cause” or for a “bona fide economic reason” – both of which the employer must prove if challenged. The new law, passed on December 17, turns fast food workplaces into de facto unionized environments, with “fast food employees” in New York City having workplace protections equal to – and in some ways, greater than – employees who are represented by a union. This should not be surprising given one of the major proponents of this legislation was 32BJ SEIU, one of New York City’s largest service unions. The new law tacks on and add new sections to the previously passed Fair Workweek Law (the FWW), utilizing the same definitions under the FWW and building upon the enforcement mechanisms provided to New York City’s Department