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The RCT Legal Team

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LAW360 PROFILES WILLIAM T. REID IV – NATIONAL “TITAN OF THE PLAINTIFFS BAR”

On April 8, 2021, legal newswire Law360 profiled firm Co-Founder Bill Reid as one its national “Titans of the Plaintiffs Bar.” As part of its exclusive series honoring America’s most accomplished attorneys Reid was named one of its 2021 “heavyweights” recognized for prosecuting high-stakes plaintiff litigation across the country.
The profile recognizes Reid’s track record of fascinating cases, and his remarkable journey “building a new firm from the ground up in the last decade…[using] unconventional tactics in his client representations that have earned him big wins and the respect of colleagues and adversaries alike.”
Click here to view the full profile.

LAW360 NAMES WILLIAM T. REID IV A NATIONAL “TITAN OF THE PLAINTIFFS BAR”

Each year, legal newswire Law360 honors the top performances by the nation’s most accomplished attorneys to create its exclusive “Titans of the Plaintiffs Bar” list. On March 28, 2021, Reid Collins Co-Founder Bill Reid was named one of its eleven 2021 “heavyweights” recognized for prosecuting high-stakes plaintiff litigation across the country.
Click here to view the article.

NEW YORK TIMES COVERS REID COLLINS APPELLATE WIN IN $500 MILLION RENREN DERIVATIVE LITIGATION

In its DealBook column entitled “Who owns SoFi?” on March 22, 2021, The New York Times provided analysis and reporting on a major win for the shareholder plaintiffs in In re Renren, Inc. Derivative Litigation, a lawsuit alleging a complex scheme by Renren insiders to squeeze out minority shareholders and take the company’s billion-dollar investment portfolio for themselves. (On March 18, 2021, the Appellate Division, First Judicial Department of New York State Court affirmed the trial court’s denial of all the motions to dismiss and rejected defendants’ arguments.)
According to DealBook, “the plaintiffs accuse insiders of stripping Renren of its value.” The Plaintiffs lead attorney, Bill Reid of Reid Collins, told DealBook that “executives took the company’s billion-dollar investment portfolio in a complex arrangement that ‘split up the spoils,’ alleging that SoFi and SoftBank helped unfairly get the best of Renren.”
“In short, this is a dispute between SoFi’s shareholders over who owns SoFi,” Mr. Reid said
Click here to view the article.

REID COLLINS WINS APPEAL IN $500 MILLION RENREN DERIVATIVE LITIGATION INVOLVING BILLION DOLLAR SHAM “SPINOFF”

In May 2020, Reid Collins defeated all five motions to dismiss filed by the defendants in the In re Renren, Inc. Derivative Litigation, a lawsuit alleging a complex scheme by Renren insiders to squeeze out minority shareholders and take the company’s billion-dollar investment portfolio for themselves.
On March 18, 2021, the Appellate Division, First Judicial Department of New York State Court affirmed the trial court’s denial of all the motions to dismiss and rejected defendants’ arguments that plaintiffs lack standing to bring this derivative action under Cayman Islands law. The decision found that Plaintiffs sufficiently pleaded that the director defendants, with the assistance of numerous co-defendants, committed fraud, obtaining personal benefits at the corporation’s expense.
The action arises from complex financial transactions surrounding a billion-dollar sham “spin-off” of Renren and seeks more than $500 million in damages.

Read the decision and order here.

WILLIAM T. REID IV NAMED LITIGATION TRUSTEE IN BROOKS BROTHERS BANKRUPTCY

On March 5, 2021, the U.S. Bankruptcy Court for the District of Delaware appointed William T. Reid IV as the Litigation Trustee for the Brooks Brothers Litigation Trust, the successor-in-interest to certain causes of action belonging to Brooks Brothers as part of its bankruptcy case (Case No. 20-11785). Brooks Brothers, the oldest clothing retailer in the United States, commenced its bankruptcy case in July 2020. Reid, a respected and experienced bankruptcy and insolvency litigator, has long represented litigation trustees and other bankruptcy estate fiduciaries, but this is the first time he has been asked to serve as the trustee himself.

The attorney responsible for this website is William T. Reid, IV

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