William T. Reid, IV Named U.S. Plaintiff Litigator of the Year by Benchmark Litigation; Reid Collins & Tsai Awarded "Impact Case of the Year" for Renren Derivative Litigation

Rhea-AI Summary

William T. Reid IV has been honored as the 2023 U.S. Plaintiff Litigator of the Year by Benchmark Litigation. The firm Reid Collins & Tsai LLP received the Impact Case of the Year award for achieving a $300 million recovery in the Renren Derivative Litigation, which aimed to protect minority shareholders of Renren, Inc. Furthermore, Reid Collins has been recognized as a finalist for U.S. Plaintiff Firm of the Year for the sixth consecutive year. These accolades spotlight the firm's commitment to investor protections and its success in high-stakes litigation, solidifying its reputation in the legal industry.

Positive

• William T. Reid IV named U.S. Plaintiff Litigator of the Year.
• Reid Collins awarded Impact Case of the Year for Renren Derivative Litigation.
• Achieved $300 million recovery for Renren minority shareholders, one of the largest in history.
• Firm recognized as U.S. Plaintiff Firm of the Year finalist for six years running.

Negative

• None.

• William T. Reid, IV named U.S. Plaintiff Litigator of the Year by Benchmark Litigation
• Benchmark also honors national trial firm Reid Collins & Tsai LLP with "Impact Case of the Year" award for Renren Derivative Litigation – precedent-setting $300 million recovery from foreign defendants
• Reid Collins & Tsai a finalist for U.S. Plaintiff Firm of the Year for sixth consecutive year

AUSTIN, Texas, March 16, 2023 /PRNewswire/ -- National trial firm Reid Collins & Tsai LLP ("Reid Collins") continues a remarkable run of industry recognitions with founding partner William T. Reid, IV being named the 2023 U.S. Plaintiff Litigator of the Year by Benchmark Litigation, a leading guide to litigation firms and attorneys. At its annual awards dinner in New York City, Benchmark also recognized the firm for its outstanding work prosecuting the Renren Derivative Litigation – which to date has resulted in a $300 million recovery for minority shareholders of Cayman Island-based Renren, Inc. – selecting Renren as a 2023 Impact Case of the Year. Benchmark also named Reid Collins a U.S. Plaintiff Firm of the Year finalist for the sixth consecutive year.

These accolades continue an impressive award season for Reid Collins, which was also recognized by the National Law Journal as the Business Torts Law Firm of the Year and by Texas Lawyer/Law.com as the Business Litigation Department of the Year. The firm has beaten stiff competition from some of the legal industry's best-known names with these honors, many of which recognize U.S.-based law firms that have performed cutting-edge work on behalf of plaintiffs.

"I'm enormously proud of what our team at Reid Collins has achieved over the past 14 years, and these recognitions are a testament to our firm's commitment to relentlessly pursuing justice on behalf of our clients," said William T. Reid, IV. "We are excited to continue building on this momentum."

Since its foundation in 2009, Reid Collins has gone from strength to strength establishing a reputation as a "go-to" firm for high-stakes plaintiff litigation. Its trial teams have won jury and bench trial verdicts against, and regularly obtained eight- and nine-figure recoveries from, major financial institutions and corporations, while creating new law and setting new precedent to expand investor protections and hold wrongdoers accountable.

In the Renren case, the firm obtained a direct pay cash settlement for minority shareholders totaling at least $300 million - one of the largest cash settlements of a derivative action in history.  The action alleged a complex scheme by Renren insiders to take the company's billion-dollar investment portfolio for themselves, and the trial team overcame 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 protect investors, addressing fraud and wrongdoing by foreign companies (and related individual actors) publicly traded in the U.S.  

About Reid Collins

Reid Collins & Tsai LLP is one of the nation's leading plaintiffs' trial firms, litigating complex business disputes and achieving billions of dollars in settlements and judgments for its clients. Its team is comprised of accomplished trial lawyers who have extensive experience prosecuting financial fraud, corporate wrongdoing, bankruptcy and insolvency related litigation, employment and partnership disputes, professional liability claims, and cross-border disputes. The firm represents fund managers, investor groups, trustees, receivers, liquidators, international banks, governmental entities, and individuals and companies from the U.S. and abroad in federal and state courts across the country.

For more information visit www.reidcollins.com

Austin | Dallas | New York | Washington D.C. | Wilmington

Contact:                                                                    
Alexander Coxe
212.365.4792
acoxe@reidcollins.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/william-t-reid-iv-named-us-plaintiff-litigator-of-the-year-by-benchmark-litigation-reid-collins--tsai-awarded-impact-case-of-the-year-for-renren-derivative-litigation-301774351.html

SOURCE Reid Collins & Tsai LLP

FAQ

Who was named U.S. Plaintiff Litigator of the Year in 2023?

William T. Reid IV was named the U.S. Plaintiff Litigator of the Year by Benchmark Litigation in 2023.

What significant award did Reid Collins & Tsai LLP receive?

Reid Collins & Tsai LLP received the Impact Case of the Year award for the Renren Derivative Litigation.

How much was recovered for Renren, Inc. minority shareholders?

The recovery for Renren, Inc. minority shareholders totaled $300 million.

How many years has Reid Collins been a finalist for Plaintiff Firm of the Year?

Reid Collins has been a finalist for U.S. Plaintiff Firm of the Year for six consecutive years.

What was the focus of the Renren Derivative Litigation?

The Renren Derivative Litigation focused on a scheme by insiders to misappropriate the company's billion-dollar investment portfolio.