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...
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