Matterport Ex-CEO Gets New Look at SPAC Dispute Damage Interest

A trial court’s $79 million award to Matterport Inc.'s former CEO in a stock dispute included an excessive amount of interest, the Delaware Supreme Court ordered Tuesday.

While the Delaware Chancery Court may exercise discretion when setting post-judgment interest rates, that interest award “must be tied to the date of the judgment that determines the prevailing party’s monetary damages,” Justice Gary G. Traynor said in a four-page order, writing for the court’s full five-member panel. The amount of the award excluding interest was properly calculated, the order said.

The Chancery Court calculated the damages with prejudgment interest at a ...