Finance
Jefferies Says It Was Shortchanged on Fee in Rubicon SPAC Deal
- Financial firm sues onetime ‘Uber of Trash’ for $7 million
- Jefferies says it received restricted stock worth just $40,000
Jefferies headquarters in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Jefferies Financial Group Inc. sued a company acquired in a blank-check merger, claiming it received stock now worth only about $40,000 instead of a promised $7 million underwriting fee.
In a suit filed Thursday in New York, Jefferies said Rubicon Technologies Inc. violated an agreement to pay the fee in either cash or freely tradable shares. Instead, Rubicon allegedly paid Jefferies in restricted shares with a current market value much lower than the agreed fee.