REID COLLINS OBTAINS $300 MILLION SETTLEMENT – ONE OF LARGEST DERIVATIVE CASE RECOVERIES IN HISTORY – IN RENREN LITIGATION
On October 8, 2021, Reid Collins & Tsai LLP announced resolution of the In re Renren, Inc. Derivative Litigation through a direct pay cash settlement of at least $300 million, one of the largest cash settlements of a derivative action in history. Pending in New York state court, the action alleges a complex scheme by Renren insiders to take the company’s billion-dollar investment portfolio for themselves. In both trial court and on appeal, Reid Collins defeated attempts by the Defendants to dismiss the case and evade accountability, with the courts accepting Reid Collins’ arguments addressing novel issues on personal jurisdiction and standing.
The precedent-setting case will have long term impacts for protecting investors from cross-border fraud and financial misconduct. The Reid Collins team faced significant legal challenges to acquire U.S. jurisdiction over multiple foreign defendants and establish derivative standing under Cayman law. These wins have created new precedent to combat a growing problem in the financial sector – the difficulty in addressing fraud and wrongdoing by foreign companies (and related individual actors) publicly traded in the U.S.
The case and settlement have received significant media coverage including the following (paywalls):
BENCHMARK AGAIN HONORS REID COLLINS AS BOTH A TOP U.S. LITIGATION BOUTIQUE AND ONE OF THE TOP PLAINTIFF FIRMS IN THE NATION
— The New York Times – “Renren, SoFi and a $300 million settlement” (scroll down)
— Financial Times – “US-listed Chinese group Renren settles investor complaint for $300m”
— Reuters – “‘Facebook of China’ shareholders score $300 million in cross-border derivative deal”
— Bloomberg – “Renren Insiders Settle SoFi Stake Suit in $300 Million Deal”
— Law360 – “Renren Investors To Settle Derivative Claims With $300M Deal
In its 2022 rankings of the top litigation law firms in the U.S., Benchmark Litigation has again named Reid Collins & Tsai LLP one of the “Top Boutique” law firms in the country as well as a “Top Plaintiff” law firm, one of only a select few firms in the nation so honored.
BILL REID AGAIN NAMED ONE OF THE TOP 100 TRIAL LAWYERS IN AMERICA BY BENCHMARK
Describing the firm as “a true maverick trial boutique, even as it continues its measured expansion,” Benchmark interviewed opponents and peers who note that the lawyers of Reid Collins are “purveyors of an increasingly lost art…..they are not just ‘cowboys,’ they are strategic. They prepare incessantly and they are not just looking to do ‘the settlement dance’ and get out….They are a pain to go up against because they’re so good!”
Earlier this year at its annual awards ceremony, Benchmark also named Reid Collins a finalist for US Plaintiff Firm of The Year (for the third consecutive year) and shortlisted the firm as the Texas Firm of the Year (for the second year in a row.) Benchmark’s Guide to America’s Leading Litigation Firms and Attorneys identifies the leading U.S. trial attorneys and firms at the local and national levels and is focused exclusively on the U.S. litigation market. The publication’s rankings and editorials are the result of extensive interviews with private practice lawyers and in-house counsel.
Click here to see the full Benchmark profile of the firm.
Reid Collins founding partner William T. Reid IV has again been named to Benchmark Litigation’s 2022 list of the “Top 100 Trial Lawyers in America.” Reid, also named the 2020 “US Plaintiff Litigator of the Year” by Benchmark, is an “Austin-based (but nationally known) all-purpose commercial trial lawyer…hard-nosed but fair.” As has been the case for several years, Reid is regarded among the most prominent and accomplished names in the legal industry.
Benchmark surveys the landscape and honors the leading litigators across the United States for their achievements. The rankings and lists are the culmination of months’ of research, surveying thousands of referees, and interviewing hundreds of lawyers.
Click here to view the full Benchmark profile of Bill Reid.