REID COLLINS’ RECORD-SETTING AND PRECEDENT-SETTING RENREN DERIVATIVE LITIGATION PROFILED BY LAWDRAGON MAGAZINE
Noted legal journal Lawdragon has published feature coverage of Reid Collins’ recent $300 million win in the In re Renren, Inc. Derivative Litigation – one of the largest cash settlements of a derivative action in history. The action alleges a complex scheme by Renren insiders and controlling shareholders to take the company’s billion-dollar investment portfolio for themselves. The Lawdragon article – “How Reid Collins Threaded the Needle to Win $300M from a China-based Cayman Company in a NY State Court” – focuses on how the Reid Collins trial team overcame three massive challenges: 1) Winning jurisdiction in a U.S. court against a Cayman-based company and individual Chinese defendants; 2) Establishing derivative standing under Cayman law in New York; and 3) Winning a $560M pre-judgment attachment on Renren’s assets, which the defendants were furiously working to move out of reach of plaintiffs. The team faced mountains of adverse law and precedent but through innovative thinking and strategy was successful on all three fronts. The settlement was approved by the New York State Supreme Court on June 9, 2022, and the action has created valuable new precedent to combat fraud and wrongdoing by foreign companies (and related individual actors) in U.S. courts. Click here to read the full article.
Prior results do not guarantee a similar outcome.