Renren Investors To Settle Derivative Claims With $300M Deal

By Dean Seal (October 8, 2021, 3:42 PM EDT) -- The shareholders behind a derivative action against Chinese company Renren Inc. have reached a $300 million settlement of allegations that executives siphoned off hundreds of millions of dollars in Renren investments to a private company in their control.

The deal was put before a New York state court Thursday, and stipulates that the private company created by Renren CEO Joseph Chen and controlling shareholder David Chao, along with Renren adviser Duff & Phelps LLC, will pay at least $300 million to Renren's minority shareholders.

Counsel for the shareholders said the settlement fund was among the largest ever for a derivative action...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!