Secured a $300 million settlement as co-lead counsel against Renren insiders and advisors for self-dealing asset spinoff
Plaintiff(s):
Minority shareholders of Renren, Inc.
Case type / claims:
Cross-jurisdictional derivative action alleging breaches of fiduciary duty and unjust enrichment arising from a transaction in which Renren insiders spun off the company’s valuable investment portfolio to a privately controlled entity for inadequate consideration. Claims were pursued under both New York and Cayman Islands law – Renren, Inc. is a Cayman Islands incorporated social media company, headquartered in China.
Defendant(s):
Renren, Inc. controlling shareholders, financial advisors, and related entities
Jurisdiction:
New York Supreme Court
Year:
2021
Outcome:
- Grant & Eisenhofer secured a $300 million settlement against defendants — one of the largest derivative recoveries ever achieved in U.S. history.
- Settlement included a direct dividend payment to Renren’s minority shareholders, a structure G&E pioneered.
- Case demonstrated G&E’s cross-border litigation capability and established a precedent for shareholder remedies in offshore-incorporated companies.
