Quantum Fintech Acquisition ended its $50 million lawsuit against Monex Group, dropping allegations that the Japanese financial firm sabotaged their planned blank-check merger.
Quantum dismissed claims that Monex deliberately undermined the SPAC’s proposed combination with TradeStation Group, a US-based Monex subsidiary that runs a stock-trading platform, Bloomberg reports.
Wednesday’s voluntary surrender may indicate a potential settlement or another agreement, although neither side appears to have made a public statement about the move. Attorneys involved in the case didn’t immediately respond to requests for comment.
Quantum had threatened legal action when the deal collapsed last August after TradeStation said it would terminate the merger with the SPAC because the Aug. 1 deadline had passed.
Quantum responded that TradeStation “is not permitted to terminate the Merger Agreement … because TradeStation’s breaches of, and failure to perform under, the Merger Agreement are the primary cause of the failure of the closing of the Business Combination to occur on or before the Termination Date.” The SPAC said the termination notice is thus invalid and unenforceable.
Quantum Fintech raised $175 million in a February 2021 IPO. The SPAC in November announced a merger deal with AtlasClear, a trading technology company. Read more.
