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Ackman Says Proposed SPAC Rules Suggest SEC Backs Him Against Investor Lawsuit

  • Pershing Square Tontine tells judge agency’s plan supports it
  • SPAC sued by Jackson group on whether it’s investment company

A Bill Ackman SPAC told a judge that proposed rules for the vehicles support its defense against a lawsuit alleging it is acting illegally as an investment company.

In a letter to the court on Monday, lawyers for Ackman’s Pershing Square Tontine Holdings Ltd. said the recent plan by the Securities and Exchange Commission “does not state that all SPACs are -- or any existing SPAC is -- an investment company” as defined under U.S. securities law.