Agreements signed before the company was acquired by a SPAC can't force the dispute over former executives' participation in an IPO into arbitration, Vice Chancellor Morgan Zurn said.
October 31, 2022 at 03:27 PM
4 minute read
A post-IPO BuzzFeed Inc. and its management can’t be bound to an arbitration clause in employee contracts that were signed before the company was acquired by an SPAC, Vice Chancellor Morgan Zurn has decided.
The decision granted partial summary judgment to BuzzFeed and its executives, who earlier this year asked the court to put a stop to arbitration with a total of 91 current and former employees whose pre-transaction BuzzFeed stock was converted automatically when the company was acquired.
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The lobby of BuzzFeed in Manhattan in 2020. The underlying dispute involves the SPAC transaction that led to BuzzFeed going public last year. Photo: Ted Shaffrey/AP
