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Bill.NatBGwebsized_72ppi

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REID COLLINS TEAM VICTORIOUS AT TRIAL OBTAINING FAVORABLE JURY VERDICT AS AUSTIN COURTS OPEN UP AGAIN

In the first large-scale jury trial in Travis County since the pandemic, the Reid Collins team, led by partners Barbara Balliette and Ben King, achieved a jury verdict victory for their client in a $100 million+ case involving allegations of breach of fiduciary, fraud, and other claims. Congratulations to the team and we welcome back in-person trials!

THE NATIONAL LAW JOURNAL SELECTS REID COLLINS AS A FINALIST FOR TOP U.S. “BUSINESS TORTS” LAW PRACTICE

Each year, the editors and reporters of The National Law Journal survey the country’s top plaintiffs’ practices to create its exclusive rankings of “Elite Trial Lawyers.” In reviewing hundreds of submissions from law firms around the nation, the NLJ identified the firms with the most impressive wins and track records of success in recent years. On May 11, 2022, the NLJ named Reid Collins as one of two finalists for U.S. “Business Torts Law Firm of the Year.” The winners will be announced at the Elite Trial Lawyers awards dinner on July 14, 2022 at the Mandarin Oriental in New York City. Click here to view the finalists and winners.

FOUNDING PARTNERS WILLIAM T. REID IV AND LISA S. TSAI RECOGNIZED AS “TRAILBLAZERS” BY THE NATIONAL LAW JOURNAL

Reid Collins is pleased to announce that William T. Reid IV and Lisa S. Tsai, Founding Partners of the firm, have been recognized by the National Law Journal in its 2022 “Plaintiffs’ Attorneys Trailblazers” series. The series, one of the top honors in the legal field, spotlights “a handful of individuals…that are truly agents of change” on the plaintiffs’ side of the docket. Among Reid and Tsai’s many recent achievements, the NLJ selection committee was “especially intrigued by the nominees’ work in Claymore Holdings v. Credit Suisse, where they obtained a $121M fraud judgment and award,” after a decade of litigation, negotiation, trials, and appeals. Reid also obtained a landmark $300 million settlement in the Renren Derivative Litigation, one of the largest cash settlements of a derivative action in history. See the NLJ‘s feature supplement here.

REID COLLINS FILES SUIT ON BEHALF OF DURA AUTOMOTIVE CHAPTER 7 TRUSTEE AGAINST LYNN TILTON AND FORMER CFO KEVIN GRADY

On April 18, 2022, Reid Collins filed suit in the Delaware Court of Chancery on behalf of Jeoffrey Burtch, the chapter 7 trustee of Dura Automotive Systems, LLC and its debtor subsidiaries, against Dura’s former CEO, Lynn Tilton, and its former CFO, Kevin Grady. The Trustee alleges that Tilton was motivated by her personal interests relating to her dispute with the Zohar Funds, rather than Dura’s interests, when she abandoned serious bids to purchase Dura for many hundreds of millions of dollars. The Trustee alleges that Tilton then drove Dura into bankruptcy where she tried (unsuccessfully) to acquire Dura at a small fraction of those bids. The Trustee asserts claims for breach of fiduciary duty against Tilton for her self-serving conduct and related claims against Grady for assisting Tilton’s schemes. The Trustee seeks to recover the hundreds of millions of dollars in value that Dura lost after Tilton improperly abandoned the sale, eventually leading to a bankruptcy sale for approximately $65 million.

A copy of the publicly-filed complaint can be found here.

Media coverage can be found here:

Distressed-Debt Investor Tilton Sued Over Dura Automotive Losses (BloombergLaw)
Litigation Coverage: Dura Automotive Chapter 7 Trustee Sues Former CEO Lynn Tilton Over ‘Hundreds of Millions’ in Lost Value (Reorg.com)

ERIC MADDEN ADDRESSES ABI 2022 ANNUAL SPRING MEETING PLENARY SESSION

Reid Collins & Tsai, known for its extensive experience in bankruptcy and insolvency-related litigation, is a long-time partner with the American Bankruptcy Institute and an active participant in ABI’s educational sessions. Partner Eric Madden, who heads the firm’s Dallas office, has contributed significant time and effort to ABI programs over the years and gave the introduction to ABI’s 2022 Annual Spring Meeting Plenary Session – “40 Years of ABI and Insolvency” on Friday, April 29, 2022. Click here to view the conference agenda.

See also the recent webinar series “Litigating Claims by Trustees: Avoiding Pitfalls at Each Stage of the Bankruptcy Process” in partnership between Reid Collins and ABI. Click here to view the sessions free of charge or for CLE accreditation.

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