New York Appellate Court Affirms $37 Million Fee to Investment Bank Needham & Company, LLC

On May 9, a New York state appeals court affirmed the award of more than $37 million in fees to Needham & Company, LLC, an investment bank, for arranging a 2021 merger agreement between UpHealth Holdings, Inc., and a publicly traded special purpose acquisition company, or SPAC. A Pillsbury litigation team led in New York by Litigation partner Ed Flanders and including special counsel Jay Dealy and associate Patrick Blood represented Needham.

Additionally, the decision was recognized in Law.com's Litigator of the Week column.

The New York Supreme Court, Appellate Division, First Department, affirmed the lower court’s decision granting summary judgment in favor of Needham in Needham & Company, LLC v. UpHealth Holdings, Inc. In that four-page decision, Bloomberg reported that the appellate court found that a New York state trial court judge correctly ruled in September 2023 that UpHealth Holdings was liable for obligations owed to Needham for its services in connection with UpHealth Holdings’ combination with GigCapital2 Inc. and GigCapital2’s simultaneous combination with Cloudbreak Health LLC in June 2021.

Please click here to read the decision.