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Prior results do not guarantee a similar outcome.

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REID COLLINS AND NEW MEXICO ATTORNEY GENERAL REACH $32.5 MILLION SETTLEMENT WITH FINANCIAL INSTITUTIONS OVER MORTGAGE-BACKED SECURITIES WHISTLEBLOWER CASE

New Mexico Attorney General Hector Balderas announced that a $32.5 million settlement was reached with seven financial institutions (entities of Barclays, Citigroup, Goldman Sachs, J.P. Morgan, Merrill Lynch, NatWest and Washington Mutual) resolving whistleblower allegations over mortgage-backed securities sold to the State. Reid Collins filed the lawsuit in 2014 representing its client, Integra REC, LLC, as a qui tam action under the New Mexico Fraud Against Taxpayers Act on behalf of the State of New Mexico. The action alleges that the financial institutions did not adequately disclose the characteristics of certain residential mortgage-backed securities purchased by New Mexico pension funds and a state-run investment council during 2003-2010. The Court confirmed dismissal of the action in light of the settlement on December 1, 2021, and the case is captioned State of New Mexico ex rel. Integra REC, LLC v. JPMorgan Securities LLC et al., Case No. D-101-CV-2014-00256.

View the Attorney General’s press release here.

R. ADAM SWICK SPEAKS AT ABI 2021 CROSS-BORDER INSOLVENCY PROGRAM

On November 19, 2021, Reid Collins partner, R. Adam Swick, was a featured panelist at the ABI’s 2021 Cross-Border Insolvency program. The panel, entitled “Brazil: Cross-Border Insolvency Update,” addressed major changes to Brazil’s bankruptcy law, including the adoption of the UNCITRAL Model Law on Cross-Border Insolvency.

Adam Swick has substantial experience with Chapter 15 bankruptcy cases and cross-border litigation. In addition to his cross-border practice, Mr. Swick represents corporations, investment funds, litigation trusts, bankruptcy trustees, and other fiduciaries in pursuing negligence, fraud, and clawback claims against a variety of defendants.

Click here to view the full agenda.

Reid Collins Files Suit on Behalf of Emerald Lake Capital Management Co-Founder Carling O’Brien

On November 8, 2021, Reid Collins filed suit in Los Angeles Superior Court on behalf of Carling O’Brien, a partner and co-founder of Emerald Lake Capital Management, against Dan Lukas, Emerald Lake, and others. O’Brien alleges that Lukas engaged in a bad-faith scheme to confiscate her valuable partnership interest and carried interest grants, and to cover his tracks by making false and defamatory statements to Emerald Lake investors. O’Brien seeks tens of millions of dollars in compensatory damages.
See complaint here.
Read WSJ story here.

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):
— 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
— AmLaw Litigation Daily – “Litigators of the Week”

BENCHMARK AGAIN HONORS REID COLLINS AS BOTH A TOP U.S. LITIGATION BOUTIQUE AND ONE OF THE TOP PLAINTIFF FIRMS IN THE NATION

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.
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.

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