In latest troubles, top UM athletics booster John Ruiz faces $67 million lawsuit

Cordell Eminent Scholar Jay Ritter lends his SPAC insights to this story about LifeWallet, the health-insurance claims company founded by lawyer John H. Ruiz, a top financial booster of University of Miami athletics, which faces another legal challenge after Miami healthcare provider Cano Health filed a lawsuit last week saying that Ruiz’s company owes it nearly $67 million.

While their stocks traded for 45 cents and 12 cents per share, respectively, at market close on Tuesday, Cano and LifeWallet were among the highest-profile Florida companies in recent years to go public through mergers with special purpose acquisition companies (SPAC). 

Read more in this story from the Miami Herald.