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[[File:Reid-collins-logo-600dpi.jpg|thumb]]
{{Infobox law firm
{{Infobox law firm
| name = Reid Collins & Tsai LLP
| name = Reid Collins & Tsai LLP
| logo = Reid Collins & Tsai logo.jpg
| headquarters =
| headquarters =
| num_offices = 5
| num_offices = 5
| offices = [[New York City|New York]], [[Austin, Texas|Austin]], [[Dallas]], [[Wilmington, Delaware|Wilmington]], and [[Washington D.C.]]
| offices = [[New York City]], [[Austin, Texas|Austin]], [[Dallas]], [[Washington D.C.]], and [[Montecito, California|Montecito]]<ref name=tlawyer2018>{{cite news|url=https://www.law.com/texaslawyer/2018/11/14/reid-collins-tsai-expands-into-california-with-former-munger-tolles-attorney-marc-dworsky/|title=Reid Collins & Tsai Expands Into California With Former Munger Tolles Attorney Marc Dworsky|date=November 14, 2018|last=Jeffreys|first=Brenda Sapino|work=Texas Lawyer|archive-url=https://web.archive.org/web/20190112064856/https://www.law.com/texaslawyer/2018/11/14/reid-collins-tsai-expands-into-california-with-former-munger-tolles-attorney-marc-dworsky/?slreturn=20190012014854|archive-date=January 12, 2019|access-date=January 15, 2019}}</ref>
| num_employees = 30 (2018)<ref name=tlawyer2018 />
| num_employees = 50
| practice_areas = Complex plaintiff’s contingency fee litigation, business litigation, insolvency
| practice_areas = Complex plaintiff’s contingency fee litigation, business litigation, insolvency litigation
| key_people = William T. Reid, IV, P. Jason Collins, Lisa S. Tsai, Eric D. Madden, and Marc T.G. Dworsky
| key_people = William T. Reid, IV, Lisa S. Tsai, and Eric D. Madden
| revenue =
| revenue =
| profit_per_equity_partner =
| profit_per_equity_partner =
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| founder =
| founder =
| company_type = [[Limited liability partnership]]
| company_type = [[Limited liability partnership]]
| homepage = {{URL|rctlegal.com}}
| homepage = {{URL|reidcollins.com}}
| dissolved =
| dissolved =
}}
}}


'''Reid Collins & Tsai LLP''' is a [[US]] [[law firm]] established in 2009 with offices in [[New York City]], [[Austin]], [[Dallas]] and [[Washington, D.C.]]. The firm represents [[plaintiff]]s in complex [[Civil law (common law)|civil litigation]] on a mixed-fee<ref name="nat">{{cite web
'''Reid Collins & Tsai LLP''' is a national trial [[law firm]] with offices in [[New York City|New York]], [[Austin, Texas|Austin]], [[Dallas]], [[Wilmington, Delaware|Wilmington]], and [[Washington, D.C.]]<ref name=":0">{{Cite web|title=Reid Collins Expands With Delaware Office, a Location the Trial Firm's Lawyers Know Well|url=https://www.law.com/texaslawyer/2021/03/03/reid-collins-expands-with-delaware-office-a-location-the-trial-firms-lawyers-know-well/|access-date=2021-10-27|website=Texas Lawyer|language=en}}</ref><ref name=":1">{{Cite web|date=March 3, 2021|first=Kevin |last=Penton |title=Reid Collins Opens Del. Office With Ex-Offit Kurman Atty |url=https://www.law360.com/pulse/articles/1360878/reid-collins-opens-del-office-with-ex-offit-kurman-atty|access-date=2021-10-27|website=www.law360.com|language=en}}</ref><ref name=":2">{{Cite web|date=2021-03-04|title=National trial firm Reid Collins opens Wilmington office - DBT|url=https://delawarebusinesstimes.com/news/reid-collins-de-office/|access-date=2021-10-27|website=Delaware Business Times|language=en-US}}</ref> The firm represents [[plaintiff]]s in complex commercial [[Civil law (common law)|litigation]] on a mixed-fee<ref name="nat">{{cite web
|url= https://www.law.com/nationallawjournal/almID/1202748997554/?slreturn=20171109061606
|url= https://www.law.com/nationallawjournal/almID/1202748997554/?slreturn=20171109061606
|title= Reid Collins & Tsai
|title= Reid Collins & Tsai
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|date=2016-02-08
|date=2016-02-08
|newspaper= [[The National Law Journal]]
|newspaper= [[The National Law Journal]]
|accessdate=2017-12-09}}{{subscription}}</ref> or [[Contingent fee|contingency-fee]] basis.<ref name="dragon">{{cite web
|accessdate=2017-12-09}}{{subscription required}}</ref> or [[Contingent fee|contingency-fee]] basis.<ref name="dragon">{{cite web
|url= http://www.lawdragon.com/2016/12/04/lawyer-limelight-william-bill-t-reid-iv-lisa-s-tsai/
|url= http://www.lawdragon.com/2016/12/04/lawyer-limelight-william-bill-t-reid-iv-lisa-s-tsai/
|title= Lawyer Limelight: William "Bill" T. Reid IV and Lisa S. Tsai
|title= Lawyer Limelight: William "Bill" T. Reid IV and Lisa S. Tsai
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== Practice areas ==
== Practice areas ==
Key practice areas include financial fraud, [[insolvency]] cases, professional liability, [[fiduciary]] litigation, [[Bankruptcy in the United States|bankruptcy litigation]], [[mediation]] and [[whistleblower]] actions.<ref>{{cite web
Key practice areas include financial fraud, professional liability, [[fiduciary]] litigation, [[Bankruptcy in the United States|bankruptcy litigation]], [[insolvency]] cases, and [[whistleblower]] actions.<ref>{{cite web
|url = https://www.bna.com/mediation-plays-increasing-n57982070088/
|url = https://www.bna.com/mediation-plays-increasing-n57982070088/
|title = Mediation Plays Increasing Role in Bankruptcy Cases
|title = Mediation Plays Increasing Role in Bankruptcy Cases
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|archivedate = 2016-07-27
|archivedate = 2016-07-27
|accessdate = 2017-12-09
|accessdate = 2017-12-09
|deadurl = yes
|url-status = dead
|df =
}}</ref><ref name="dragon" /><ref name="bonus">{{cite web
}}</ref><ref name="dragon" /><ref name="bonus">{{cite web
|url= https://www.law.com/texaslawyer/almID/1202774870946/?slreturn=20171109033800
|url= https://www.law.com/texaslawyer/almID/1202774870946/?slreturn=20171109033800
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|date=2016-12-15
|date=2016-12-15
|publisher= law.com
|publisher= law.com
|accessdate=2017-12-09}}{{subscription}}</ref><ref name="small">{{cite web
|accessdate=2017-12-09}}{{subscription required}}</ref><ref name="small">{{cite web
|url= https://www.law.com/nationallawjournal/almID/1202748998755/?slreturn=20171109035244
|url= https://www.law.com/nationallawjournal/almID/1202748998755/?slreturn=20171109035244
|title= Small Size, Big Cases: The 2016 Litigation Boutiques Hot List
|title= Small Size, Big Cases: The 2016 Litigation Boutiques Hot List
|date=2016-02-08
|date=2016-02-08
|newspaper= [[The National Law Journal]]
|newspaper= [[The National Law Journal]]
|accessdate=2017-12-09}}{{subscription}}</ref>
|accessdate=2017-12-09}}{{subscription required}}</ref>


== History ==
== History ==
The firm was founded in November 2009 in [[Austin, Texas|Austin]] with 9 lawyers who had previously worked at [[Latham & Watkins]],<ref name="nat" /> Diamond McCarthy<ref>{{cite web
The firm was formed in November 2009 with nine lawyers who had previously worked at Diamond McCarthy<ref>{{cite web
|url = https://www.bizjournals.com/austin/stories/2009/12/21/story4.html
|url = https://www.bizjournals.com/austin/stories/2009/12/21/story4.html
|title = Eight Diamond McCarthy lawyers defect to start new firm
|title = Eight Diamond McCarthy lawyers defect to start new firm
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|archivedate = 2017-12-08
|archivedate = 2017-12-08
|accessdate = 2017-12-08
|accessdate = 2017-12-08
|deadurl = yes
|url-status = dead
}}</ref> and the [[United States Department of Justice|U.S. Department of Justice]],<ref name="nat" /> including founding partners William T. Reid, IV and Lisa S. Tsai. Among their first cases were the bankruptcies of [[Stanford International Bank]],<ref>{{cite web
|df =
}}</ref> and the [[United States Department of Justice|U.S. Department of Justice]]<ref name="nat" /> with William T. Reid, IV, P. Jason Collins, and Lisa S. Tsai serving as founding partners. Among their first cases were the bankruptcies of [[Stanford International Bank]],<ref>{{cite web
|url= https://www.law360.com/cases/4d5fa82f2f022147cd000008
|url= https://www.law360.com/cases/4d5fa82f2f022147cd000008
|title= In re Stanford International Bank Ltd. Debtor in a Foreign Proceeding
|title= In re Stanford International Bank Ltd. Debtor in a Foreign Proceeding
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|archiveurl= https://web.archive.org/web/20171209155031/https://www.law360.com/cases/4d5fa82f2f022147cd000008
|archiveurl= https://web.archive.org/web/20171209155031/https://www.law360.com/cases/4d5fa82f2f022147cd000008
|archivedate=2017-12-09
|archivedate=2017-12-09
|accessdate=2017-12-09}}</ref> [[Thelen LLP]]<ref>{{cite web
|accessdate=2017-12-09}}</ref> [[Thelen LLP]]<ref>{{cite journal
|url= https://www.law.com/americanlawyer/almID/1202677139939/?slreturn=20171109105414
|url= https://www.law.com/americanlawyer/almID/1202677139939/?slreturn=20171109105414
|title= Key Ruling Brings Thelen Bankruptcy Closer to Conclusion
|title= Key Ruling Brings Thelen Bankruptcy Closer to Conclusion
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|date = 2014-11-21
|date = 2014-11-21
|journal= [[The American Lawyer]]
|journal= [[The American Lawyer]]
|accessdate=2017-12-09}}{{subscription}}</ref> and Cornerstone Ministries Investments.<ref>{{cite web
|accessdate=2017-12-09}}{{subscription required}}</ref> and Cornerstone Ministries Investments.<ref>{{cite web
|url= http://christianobserver.org/unfinished-business-for-the-presbyterian-church-in-america-pca-2/
|url= http://christianobserver.org/unfinished-business-for-the-presbyterian-church-in-america-pca-2/
|title= Unfinished Business for the Presbyterian Church in America (PCA)
|title= Unfinished Business for the Presbyterian Church in America (PCA)
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|archiveurl= https://web.archive.org/web/20160816191855/http://christianobserver.org/unfinished-business-for-the-presbyterian-church-in-america-pca-2/
|archiveurl= https://web.archive.org/web/20160816191855/http://christianobserver.org/unfinished-business-for-the-presbyterian-church-in-america-pca-2/
|archivedate=2016-08-16
|archivedate=2016-08-16
|accessdate=2017-12-09}}</ref> In 2010, hedge fund [[Highland Capital Management]] hired the firm to represent their interests in a suit against [[Credit Suisse]] on a contingency-fee basis.<ref>{{cite news|url=https://www.reuters.com/article/us-credit-suisse-lawsuit/credit-suisse-nears-360-million-deadline-in-fraud-suit-built-on-a-hunch-idUSKBN1K115R|title=Credit Suisse nears $360 million deadline in fraud suit built on a hunch|date=July 11, 2018|last=Rucinski|first=Tracy|publisher=[[Reuters]]|archive-url=https://web.archive.org/web/20190112070254/https://www.reuters.com/article/us-credit-suisse-lawsuit/credit-suisse-nears-360-million-deadline-in-fraud-suit-built-on-a-hunch-idUSKBN1K115R|archive-date=January 12, 2019|access-date=January 12, 2019}}</ref> By the end of 2010, the company had 15 lawyers.<ref name="dragon" /> In October 2011, RCT partner [[Marina Marmolejo]] was appointed as a [[United States federal judge|federal judge]] of the [[United States District Court for the Southern District of Texas]].<ref>{{cite news|url= http://www.chron.com/news/houston-texas/article/Obama-names-Laredo-lawyer-to-federal-judge-post-1712098.php|title=Obama names Laredo lawyer to federal judge post|first1=Gary|last1=Martin|date=2010-07-28|newspaper=[[Houston Chronicle]]|archiveurl=https://web.archive.org/web/20121024102324/http://www.chron.com/news/houston-texas/article/Obama-names-Laredo-lawyer-to-federal-judge-post-1712098.php|archivedate=2012-10-24|accessdate=2017-12-09}}</ref>
|accessdate=2017-12-09}}</ref> In 2010, hedge fund [[Highland Capital Management]] hired the firm to represent their funds in a fraud and contract lawsuit against [[Credit Suisse]] on a contingency-fee basis.<ref>{{cite news|url=https://www.reuters.com/article/us-credit-suisse-lawsuit/credit-suisse-nears-360-million-deadline-in-fraud-suit-built-on-a-hunch-idUSKBN1K115R|title=Credit Suisse nears $360 million deadline in fraud suit built on a hunch|date=July 11, 2018|last=Rucinski|first=Tracy|publisher=[[Reuters]]|archive-url=https://web.archive.org/web/20190112070254/https://www.reuters.com/article/us-credit-suisse-lawsuit/credit-suisse-nears-360-million-deadline-in-fraud-suit-built-on-a-hunch-idUSKBN1K115R|archive-date=January 12, 2019|access-date=January 12, 2019}}</ref> By the end of 2010, the firm had 15 lawyers.<ref name="dragon" /> In 2013, the firm opened a [[Dallas]] office with partners Eric D. Madden<ref name="texas">{{cite web
In 2013, the firm opened a [[Dallas]] office with Eric Madden<ref name="texas">{{cite web
|url= https://www.law.com/texaslawyer/almID/1202727768971/?slreturn=20171109030625
|url= https://www.law.com/texaslawyer/almID/1202727768971/?slreturn=20171109030625
|title= Reid, Collins & Tsai Flourishing With Contingency Fees
|title= Reid, Collins & Tsai Flourishing With Contingency Fees
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|date = 2015-06-01
|date = 2015-06-01
|publisher= law.com
|publisher= law.com
|accessdate=2017-12-09}}{{subscription}}</ref><ref>{{cite web|url=https://www.chambersandpartners.com/USA/firm/22619115/reid-collins-tsai|title=Reid Collins & Tsai LLP|year=2018|publisher=Chambers and Partners|archiveurl=https://web.archive.org/web/20180820184026/https://www.chambersandpartners.com/USA/firm/22619115/reid-collins-tsai|archivedate=August 20, 2018|accessdate=August 20, 2018}}</ref> and J. Benjamin King as bankruptcy litigation partners,<ref>{{cite web
|accessdate=2017-12-09}}{{subscription required}}</ref><ref>{{cite web|url=https://www.chambersandpartners.com/USA/firm/22619115/reid-collins-tsai|title=Reid Collins & Tsai LLP|year=2018|publisher=Chambers and Partners|archiveurl=https://web.archive.org/web/20180820184026/https://www.chambersandpartners.com/USA/firm/22619115/reid-collins-tsai|archivedate=August 20, 2018|accessdate=August 20, 2018}}</ref> and J. Benjamin King.<ref>{{cite web
|url= https://www.law360.com/articles/467932/reid-collins-opens-dallas-office-with-diamond-mccarthy-hires
|url= https://www.law360.com/articles/467932/reid-collins-opens-dallas-office-with-diamond-mccarthy-hires
|title= Reid Collins Opens Dallas Office With Diamond McCarthy Hires
|title= Reid Collins Opens Dallas Office With Diamond McCarthy Hires
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|archiveurl= https://web.archive.org/web/20171209141210/https://www.law360.com/articles/467932/reid-collins-opens-dallas-office-with-diamond-mccarthy-hires
|archiveurl= https://web.archive.org/web/20171209141210/https://www.law360.com/articles/467932/reid-collins-opens-dallas-office-with-diamond-mccarthy-hires
|archivedate=2017-12-09
|archivedate=2017-12-09
|accessdate=2017-12-09}}{{subscription}}</ref><ref>{{cite web
|accessdate=2017-12-09}}{{subscription required}}</ref><ref>{{cite web
|url= https://www.cdr-news.com/categories/usa/texas-firm-doubles-down
|url= https://www.cdr-news.com/categories/usa/texas-firm-doubles-down
|title= Texas firm doubles down
|title= Texas firm doubles down
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|archiveurl= https://web.archive.org/web/20171209141520/https://www.cdr-news.com/categories/usa/texas-firm-doubles-down
|archiveurl= https://web.archive.org/web/20171209141520/https://www.cdr-news.com/categories/usa/texas-firm-doubles-down
|archivedate=2017-12-09
|archivedate=2017-12-09
|accessdate=2017-12-09}}{{subscription}}</ref> joined later by Brandon V. Lewis.<ref>{{cite journal
|accessdate=2017-12-09}}{{subscription required}}</ref> In October 2014 the Dallas office moved to [[Thanksgiving Tower]].<ref>{{cite web
|date = 2015-05-21
|title = Lawyers on the move
|url = https://www.texasbar.com/AM/Template.cfm?Section=Past_Issues&Template=/CM/ContentDisplay.cfm&ContentID=25403
|dead-url = yes
|journal = [[State Bar of Texas|Texas Bar Journal]]
|volume = 77
|issue = 3
|page = 283
|doi =
|archive-url = https://web.archive.org/web/20150913150440/https://www.texasbar.com/AM/Template.cfm?Section=Past_Issues&Template=%2FCM%2FContentDisplay.cfm&ContentID=25403
|archive-date = 2015-09-13
|access-date = 2017-12-08
|df =
}}</ref> In October 2014 the Dallas office moved to [[Thanksgiving Tower]].<ref>{{cite web
|url = https://www.dallasnews.com/business/business/2014/10/07/downtown-dallas-thanksgiving-tower-lands-several-new-office-tenants
|url = https://www.dallasnews.com/business/business/2014/10/07/downtown-dallas-thanksgiving-tower-lands-several-new-office-tenants
|title = Downtown Dallas' Thanksgiving Tower lands several new office tenants
|title = Downtown Dallas' Thanksgiving Tower lands several new office tenants
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|archivedate = 2017-12-22
|archivedate = 2017-12-22
|accessdate = 2017-12-22
|accessdate = 2017-12-22
|deadurl = yes
|url-status = dead
|df =
}}</ref><ref>{{cite web
}}</ref><ref>{{cite web
|url = https://www.bizjournals.com/dallas/print-edition/2014/10/17/sneak-peek-thanksgiving-tower-renovation.html
|url = https://www.bizjournals.com/dallas/print-edition/2014/10/17/sneak-peek-thanksgiving-tower-renovation.html
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|archivedate = 2015-03-03
|archivedate = 2015-03-03
|accessdate = 2017-12-22
|accessdate = 2017-12-22
|deadurl = yes
|url-status = dead
|df =
}}</ref>
}}</ref>
In November 2018, the firm added former [[Munger, Tolles & Olson]] partner Marc T.G. Dworsky as a partner.<ref name=tlawyer2018 /><ref>{{cite news|url=https://www.law360.com/articles/1100062/in-leap-to-plaintiffs-boutique-munger-vet-makes-rare-move|title=In Leap To Plaintiffs Boutique, Munger Vet Makes Rare Move|date=November 14, 2018|last=Coe|first=Aebra|website=[[Law360]]|access-date=January 15, 2019}}{{subscription}}</ref>
In November 2018, the firm added former [[Munger, Tolles & Olson]] partner Marc T.G. Dworsky as a partner.<ref>{{cite news|url=https://www.law360.com/articles/1100062/in-leap-to-plaintiffs-boutique-munger-vet-makes-rare-move|title=In Leap To Plaintiffs Boutique, Munger Vet Makes Rare Move|date=November 14, 2018|last=Coe|first=Aebra|website=[[Law360]]|access-date=January 15, 2019}}{{subscription required}}</ref> In March 2021, the firm opened a [[Wilmington, Delaware]] office with Jonathan Kass as a partner and Norman Monhait as counsel.<ref name=":0" /><ref name=":1" /><ref name=":2" /> Today, the firm has 40 lawyers who prosecute claims in state and federal courts around the country.


== Notable cases ==
== Notable cases ==
*In July 2018, Reid Collins commenced litigation in New York state court on behalf of Renren shareholders asserting claims under Cayman Islands law and New York law. The action alleges a scheme by Renren insiders to wrongfully to take the company’s billion-dollar investment portfolio for themselves (''In re Renren, Inc. Derivative Litigation'', Index Number: 653594/2018, Supreme Court of the State of New York, New York County, Commercial Division). In both trial court and on appeal, Defendants’ motions to dismiss the case based on issues of personal jurisdiction and standing were denied.<ref>{{Cite web|last=Ruscoe|first=Emilie|date=March 19, 2021|title=NY Judges Won't Toss Investor Suit Against Renren Execs - Law360|url=https://www.law360.com/articles/1366422/ny-judges-won-t-toss-investor-suit-against-renren-execs|access-date=2021-12-10|website=www.law360.com|language=en}}</ref><ref>{{Cite web|last=Rosenstein|first=Philip|date=May 21, 2020|title=Renren Investor Suit Persists As NY Judge OKs Jurisdiction|url=https://www.law360.com/articles/1275595/renren-investor-suit-persists-as-ny-judge-oks-jurisdiction|website=Law360}}</ref> In June 2022, the Court approved a $300 million settlement resolving the action, which is one of the largest cash settlements of a derivative action in history.<ref>{{Cite web |title=Renren Investors To Settle Derivative Claims With $300M Deal - Law360 |url=https://www.law360.com/articles/1429454/renren-investors-to-settle-derivative-claims-with-300m-deal |access-date=2021-11-22 |website=www.law360.com |language=en}}</ref>
*In 2012, Reid Collins & Tsai filed a US$100 million lawsuit against singer [[Shakira]] on behalf of her ex-boyfriend and former business partner [[Antonio de la Rua]] in the New York Supreme Court, seeking to "recover damages" for breach of contract and fiduciary duty.<ref name="billboard">{{cite web|url=https://www.billboard.com/articles/news/473924/shakira-hit-with-100-million-lawsuit-by-ex-boyfriend|title=Shakira Hit With $100 Million Lawsuit by Ex-Boyfriend|last1=Cobo|first1=Leila|date=1 December 2012|website=Billboard|access-date=1 July 2018}}</ref><ref name="CBS">{{cite web|url=https://www.cbsnews.com/news/shakiras-ex-boyfriend-files-100-million-lawsuit-against-singer/|title=Shakira's ex-boyfriend files $100 million lawsuit against singer|date=4 December 2012|website=CBS News|access-date=1 July 2018}}</ref> The company made similar claims against Shakira in Los Angeles, Switzerland, and the Cayman Islands. All of the lawsuits were ultimately dismissed on [[Forum non conveniens|forum non conveniens]] grounds.<ref>{{cite web|url=https://www.billboard.com/articles/news/5628676/court-dismisses-shakira-lawsuit-filed-by-ex-boyfriend|title=Court Dismisses Shakira Lawsuit Filed By Ex-Boyfriend|date=8 February 2013|last=Associated Press|access-date=1 July 2018|website=Billboard}}</ref>
* The firm represented Plaintiff Claymore Holdings as the assignee of the claims of investment funds managed by Highland Capital Management in a fraudulent inducement and breach of contract lawsuit against global investment bank [[Credit Suisse]] related to a Las Vegas real estate development (''Claymore Holdings, LLC vs. Credit Suisse AG, et al.'', Cause No. DC-13-07858, the 134th Judicial District Court of Dallas County, Texas). In December 2014, a jury found that Credit Suisse fraudulently induced the plaintiff funds into making the investment and awarded $40 million. Following a subsequent three-week bench trial, the trial court also found that Credit Suisse had breached its contractual obligations, and entered a fraud judgment against the bank<ref>{{cite web
*In 2012, the firm handled several cases for one of their early clients, [[Highland Capital Management|Highland Financial Partners]], settling an alleged "legal malpractice/negligence" suit against [[Orrick, Herrington & Sutcliffe]].<ref>{{cite web
|url= https://www.thelawyer.com/issues/online/highland-financial-hits-orrick-with-95m-claim-as-rbs-case-continues/
|title= Highland Financial hits Orrick with $95m claim as RBS case continues
|author=Margaret Taylor
|date=2012-01-30
|work= [[The Lawyer]]
|archiveurl=https://web.archive.org/web/20171210204704/https://www.thelawyer.com/issues/online/highland-financial-hits-orrick-with-95m-claim-as-rbs-case-continues/
|archivedate=2017-12-10
|accessdate=2017-12-10}}{{subscription}}</ref><ref>{{cite web
|url = https://www.law360.com/commercialcontracts/articles/392748/orrick-resolves-95m-malpractice-claims-over-cdo-deal
|title = Orrick Resolves $95M Malpractice Claims Over CDO Deal
|author = Jess Krochtengel
|date = 2012-11-30
|publisher = [[Law360]]
|archiveurl = https://web.archive.org/web/20160317154852/http://www.law360.com/commercialcontracts/articles/392748/orrick-resolves-95m-malpractice-claims-over-cdo-deal/
|archivedate = 2016-03-17
|accessdate = 2017-12-10
|deadurl = yes
|df =
}}{{subscription}}</ref>
* In December 2013, the firm filed an $80 million claim against [[DLA Piper]] on behalf of its liquidators, claiming the firm helped two associated funds misappropriate millions of dollars<ref>{{cite web
|url= https://www.law.com/newyorklawjournal/almID/1202631841139/?slreturn=20171111150139
|title=Liquidators of Investment Funds Sue DLA Piper
|author = Christine Simmons
|date=2013-12-13
|work= [[New York Law Journal]]
|accessdate=2017-12-11}}{{subscription}}</ref> (in 2015 the judge dismissed the lawsuit).<ref>{{cite web
|url= https://www.law.com/newyorklawjournal/almID/1202737419341/?slreturn=20171111152309
|title=Judge Dismisses Suit Against DLA Piper
|author = Christine Simmons
|date=2015-09-17
|work= New York Law Journal
|accessdate=2017-12-11}}{{subscription}}</ref>
* In 2014, the firm represented Plaintiff Claymore Holdings, LLC, as the assignee of the claims of investment funds managed by Highland Capital Management, LP, in a fraudulent inducement and breach of contract lawsuit against global investment bank [[Credit Suisse]] (Claymore Holdings, LLC vs. Credit Suisse AG, et al., Cause No. DC-13-07858, the 134th Judicial District Court of Dallas County, Texas). Following a three-week bench trial, the trial court found that Credit Suisse had breached its contractual obligations, and entered a judgment against it for $287.5 million.<ref>{{cite web
|url= https://www.law360.com/articles/597350/highland-entity-blames-credit-suisse-for-285m-refi-loss
|url= https://www.law360.com/articles/597350/highland-entity-blames-credit-suisse-for-285m-refi-loss
|title= Highland Entity Blames Credit Suisse For $285M Refi Loss
|title= Highland Entity Blames Credit Suisse For $285M Refi Loss
Line 196: Line 144:
|archiveurl= https://web.archive.org/web/20150911043133/http://www.law360.com/articles/597350/highland-entity-blames-credit-suisse-for-285m-refi-loss
|archiveurl= https://web.archive.org/web/20150911043133/http://www.law360.com/articles/597350/highland-entity-blames-credit-suisse-for-285m-refi-loss
|archivedate=2015-09-11
|archivedate=2015-09-11
|accessdate=2017-12-10}}{{subscription}}</ref><ref name="reuters">{{cite web
|accessdate=2017-12-10}}{{subscription required}}</ref><ref name="reuters">{{cite web
|url= https://www.reuters.com/article/credt-suisse-grp-highland-verdict/jury-faults-credit-suisse-in-lake-las-vegas-refinancing-idUSL1N0U31V020141219
|url= https://www.reuters.com/article/credt-suisse-grp-highland-verdict/jury-faults-credit-suisse-in-lake-las-vegas-refinancing-idUSL1N0U31V020141219
|title= Jury faults Credit Suisse in Lake Las Vegas refinancing
|title= Jury faults Credit Suisse in Lake Las Vegas refinancing
|author = Tom Hals
|author = Tom Hals
|date=2014-12-19
|date=2014-12-19
|agency=[[Reuters]]
|work=[[Reuters]]
|archiveurl= https://web.archive.org/web/20171209133105/https://www.reuters.com/article/credt-suisse-grp-highland-verdict/jury-faults-credit-suisse-in-lake-las-vegas-refinancing-idUSL1N0U31V020141219
|archiveurl= https://web.archive.org/web/20171209133105/https://www.reuters.com/article/credt-suisse-grp-highland-verdict/jury-faults-credit-suisse-in-lake-las-vegas-refinancing-idUSL1N0U31V020141219
|archivedate=2017-12-09
|archivedate=2017-12-09
Line 215: Line 163:
|archiveurl= https://web.archive.org/web/20150909214537/https://www.bloomberg.com/news/articles/2015-09-04/credit-suisse-ordered-to-pay-highland-capital-287-5-million
|archiveurl= https://web.archive.org/web/20150909214537/https://www.bloomberg.com/news/articles/2015-09-04/credit-suisse-ordered-to-pay-highland-capital-287-5-million
|archivedate=2015-09-09
|archivedate=2015-09-09
|accessdate=2017-12-09}}{{subscription required}}</ref> After subsequent appeals on multiple issues, the Texas Supreme Court affirmed the trial jury's finding that Credit Suisse committed fraud, and remanded the case to the trial court.  In June 2021, the trial court awarded $40 million on the primary market loss, plus another $23 million on the secondary market loss. With pre- and post-verdict interest added, and after deducting the value of related settlements reached with other parties, the trial court entered a judgment for $121 million against Credit Suisse.<ref>{{Cite web|title=Credit Suisse Ordered To Pay $121M in Vegas Fraud Fight - Law360|url=https://www.law360.com/articles/1376433/credit-suisse-ordered-to-pay-121m-in-vegas-fraud-fight|access-date=2021-11-22|website=www.law360.com|language=en}}</ref>
|accessdate=2017-12-09}}{{subscription}}</ref> The firm also filed a $1.15 billion suit against [[Citigroup]], [[Bank of America]], [[Goldman Sachs]] on behalf of relator Integra REC (largest financial fraud case ever brought by the state of [[Virginia]] (Case No. CL14-399)<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2014-09-16/virginia-sues-13-banks-for-1-15-billion-alleging-fraud|title=Virginia Sues 13 Banks for $1.15 Billion Alleging Fraud|last=Zajac|first=Andrew|date=September 17, 2014|publisher=[[Bloomberg News]]|accessdate=January 15, 2019}}{{subscription}}</ref><ref>{{cite web
* The firm filed a ''qui tam'' (whistleblower) lawsuit against Citigroup, Bank of America, and Goldman Sachs, among other defendants, on behalf of relator client Integra REC to resolve claims by the Commonwealth of Virginia under the Virginia Fraud Against Taxpayers Act (the largest financial fraud case ever brought by the state of Virginia <s>-</s> <ins>(</ins>Case No. CL14-399).<ref>{{Cite web |last=Zajac |first=Andrew |date=2014-09-17 |title=Virginia Sues 13 Banks for $1.15 Billion Alleging Fraud |url=https://www.bloomberg.com/news/articles/2014-09-16/virginia-sues-13-banks-for-1-15-billion-alleging-fraud |access-date=2019-01-15 |website=Bloomberg News}}{{subscription required}}</ref><ref>{{Cite web |date=2014-09-17 |title=Virginia Sues 13 Banks For $1.15 Billion Alleging Fraud |url=https://www.fa-mag.com/news/virginia-sues-13-banks-for--1-15-billion-alleging-fraud-19220.html?print |access-date=2017-12-09 |website=Financial Advisor}}</ref> The claims arose from the sale of residential mortgage-backed securities to the Commonwealth by the defendant banks who ultimately resolved the litigation in a 2016 settlement in which $63 million was to be paid to the state.<ref>{{Cite web |last=Kass |first=Dani |date=2016-01-22 |title=11 Big Banks To Pay Va. $63M Over Alleged RMBS Fraud |url=https://www.law360.com/articles/749830/11-big-banks-to-pay-va-63m-over-alleged-rmbs-fraud |archive-url=https://web.archive.org/web/20170923002757/https:/www.law360.com/articles/749830/11-big-banks-to-pay-va-63m-over-alleged-rmbs-fraud |archive-date=2017-09-23 |access-date=2017-12-09 |website=Law360}}{{subscription required}}</ref>
|url= https://www.fa-mag.com/news/virginia-sues-13-banks-for--1-15-billion-alleging-fraud-19220.html?print
* In February 2018, the firm won an important ruling on fraudulent transfer law in the [[Supreme Court of the United States|U.S. Supreme Court]] in ''Merit Management v. [[FTI Consulting]]''. Resolving a circuit split, the key ruling limited the application of Rule 546(e) of the bankruptcy code and opened new avenues of recovery for bankruptcy trustees<ref>{{cite web|url=https://www.supremecourt.gov/docket/docketfiles/html/public/16-784.html|title=No. 16-784: Merit Management Group, LP, Petitioner v. FTI Consulting, Inc.|year=2018|publisher=[[Supreme Court of the United States]]|archive-url=https://web.archive.org/web/20190112074906/https://www.supremecourt.gov/docket/docketfiles/html/public/16-784.html|archive-date=January 12, 2019|access-date=January 15, 2019}}</ref><ref>{{cite web|url=https://www.law360.com/articles/991915/justices-limit-ch-11-safe-harbor-for-securities-clawbacks|title=Justices Limit Ch. 11 Safe Harbor For Securities Clawbacks|last=Wolf|first=Alex|publisher= [[Law360]]|access-date=January 15, 2019}}{{subscription required}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/u-s-supreme-court-takes-up-bankruptcy-clawback-dispute-1493654861|title=U.S. Supreme Court Takes Up Bankruptcy Clawback Dispute|last=Scurria|first=Andrew|date=May 1, 2017|newspaper=[[The Wall Street Journal]]|access-date=January 15, 2019}}{{subscription required}}</ref>
|title= Virginia Sues 13 Banks For $1.15 Billion Alleging Fraud
* In December 2018, Reid Collins filed a legal malpractice, breach of fiduciary duty, and breach of contract action in New York state court against law firm Reed Smith LLP on behalf of the liquidators of two Cayman Islands-based Bear Stearns investment funds seeking more than $500 million in damages.<ref>{{Cite web |last=Flaherty |first=Scott |date=2019-01-23 |title=Bear Stearns Funds Slap Reed Smith With $500M Malpractice Claim |url=https://www.law.com/americanlawyer/2019/01/23/bear-stearns-funds-slap-reed-smith-with-500m-malpractice-claim/ |website=Law.com}}</ref><ref>{{Cite web |last=LaSusa |first=Mike |date=2019-01-23 |title=Bear Stearns Hits Reed Smith With $500M Malpractice Suit |url=https://www.law360.com/articles/1121555/bear-stearns-hits-reed-smith-with-500m-malpractice-suit |website=Law360.com}}</ref> The parties settled the matter under confidential terms in October 2019.<ref>{{Cite web |last=LaSusa |first=Mike |date=2019-10-11 |title=Bear Stearns, Reed Smith Settle $500M Malpractice Suit |url=https://www.law360.com/articles/1209056/bear-stearns-reed-smith-settle-500m-malpractice-suit |website=Law360.com}}</ref>
|date=2014-09-17
* In January 2019, Reid Collins filed suit in Delaware Chancery Court on behalf of Sarah Bradley, the co-founder of private equity firm Kainos Capital LP, against her company and three of its executives for fraud and business agreement violations accusing them of a scheme to strip her of her ownership rights by changing the firm's business structure.<ref>{{Cite web |last=Sinay |first=Reenat |date=2019-01-28 |title=Co-Founder Sues PE Firm Kainos Capital Principals For Fraud |url=https://www.law360.com/articles/1122951/co-founder-sues-pe-firm-kainos-capital-principals-for-fraud |website=Law360.com}}</ref> The dispute addressed issues regarding duties owed between LLC members under Delaware law. In March 2020, Bradley settled her claims in exchange for a $20 million payment from Kainos Capital along with additional confidential settlement terms.
|publisher= [[Financial Advisor (magazine)|Financial Advisor]]
* In November 2019, Reid Collins filed a legal malpractice and breach of fiduciary duty lawsuit in New York federal court on behalf of the LB Litigation Trust against law firm Brown Rudnick LLP for $300 million in damages.  In July 2020, the Court denied Brown Rudnick's motion to dismiss the proceedings.<ref>{{Cite web |last=LaSusa |first=Mike |date=2020-07-28 |title=Brown Rudnick Can't Duck $300M Malpractice Suit |url=https://www.law360.com/articles/1296179/brown-rudnick-can-t-duck-300m-malpractice-suit |website=Law360.com}}</ref> In January 2021, the parties reached a confidential settlement of the action.<ref>{{Cite web |last=Clough |first=Craig |date=2021-01-26 |title=Brown Rudnick Reaches Settlement In $300M Malpractice Suit |url=https://www.law360.com/articles/1348984/brown-rudnick-reaches-settlement-in-300m-malpractice-suit |website=Law360.com}}</ref>
|accessdate=2017-12-09}}</ref> resulting in a 2016 $63 million settlement to be paid to the state).<ref>{{cite web
* In March 2016, Reid Collins was selected to serve as special counsel to the Official Committee of Unsecured Creditors of Fresh & Easy, LLC, a large grocery company with stores located in four states, in pursuing claims against its former insiders—including billionaire Ronald Burkle—for breach of fiduciary duty and fraudulent transfer of certain assets. After conducting Rule 2004 discovery, Reid Collins filed a Complaint in the U.S. Bankruptcy Court for the District of Delaware and obtained a temporary restraining order freezing certain assets and preventing the insiders from further disposing of assets.  Reid Collins then secured a settlement of those claims in exchange for a $21.5 million cash payment and the release of $104 million of insider claims against the estate, a settlement that doubled the projected distributions to unsecured creditors in the case.<ref>{{Cite web |last=Montgomery |first=Jeff |date=2017-04-28 |title=Fresh & Easy Ch. 11 Plan, Disclosure Confirmed In Del. |url=https://www.law360.com/bankruptcy/articles/918343/fresh-easy-ch-11-plan-disclosure-confirmed-in-del- |website=Law360.com}}</ref>
|url= https://www.law360.com/articles/749830/11-big-banks-to-pay-va-63m-over-alleged-rmbs-fraud
* Nicholas Cosmo, the former principal of Hauppauge, NY-based Agape World, Inc., operated a Ponzi scheme where he raised money from investors for the ostensible purpose of making short-term real estate loans but instead used the funds to open futures trading accounts. Cosmo was arrested on January 26, 2009, and convicted in April 2015. Representing the bankruptcy Trustee for the Agape estate in the U.S. Bankruptcy Court for the Eastern District of New York, Reid Collins filed lawsuits against six commodities broker firms where Cosmo traded, including MF Global Inc., seeking to recover fraudulent transfers of Agape assets made to fund the risky futures trading. Reid Collins obtained settlements totaling in excess of $21 million on behalf of the Trustee.
|title= 11 Big Banks To Pay Va. $63M Over Alleged RMBS Fraud
* In July 2017, Reid Collins was selected to serve as special litigation counsel to the Official Committee of Unsecured Creditors of Central Grocers, Inc., one of the country’s largest grocery cooperatives with operations in Illinois, Indiana, and Michigan. After conducting pre-suit discovery, Reid Collins engaged in settlement discussions and obtained a $23.6 million settlement of the claims against the company's lenders, including PNC Bank, Bank of America, and U.S. Bank.
|author = Dani Kass
* In October 2014, GT Advanced Technologies filed for bankruptcy after failing to meet milestones under a critical $1 billion contract with Apple to manufacture sapphire display screens for the iPhone.  Reid Collins represented the GTAT Litigation Trust in pursuing claims against the company’s former officers in New Hampshire federal court, filing a complaint and defeating a motion to dismiss in a lengthy reported opinion.  After conducting discovery, the parties agreed to a confidential settlement of all claims.<ref>{{Cite web |last=Salvatore |first=Cara |date=2017-04-19 |title=GTAT Trustee Sues Ex-CEO Over Ruinous Apple Deal |url=https://www.law360.com/articles/915160/gtat-trustee-sues-ex-ceo-over-ruinous-apple-deal |website=Law360.com}}</ref>
|date=2016-01-22
|publisher= [[Law360]]
|archiveurl=https://web.archive.org/web/20170923002757/https://www.law360.com/articles/749830/11-big-banks-to-pay-va-63m-over-alleged-rmbs-fraud|archivedate=2017-09-23
|accessdate=2017-12-09}}{{subscription}}</ref> The company also resolved claims of corporate mismanagement filed by the former [[Astrotech Corporation]]'s [[Chief financial officer|CFO]] John Porter against the CEO Thomas Pickens III. The case was subsequently settled.<ref>{{cite web
|url= https://www.forbes.com/sites/calebmelby/2013/04/16/billionaire-t-boone-pickens-sues-his-son-alleging-cyberbullying/#235578c918ef
|title=Billionaire T. Boone Pickens Sues His Son, Alleging 'Cyberbullying'
|first1=Caleb
|last1=Melby
|date=2013-04-16
|work=[[Forbes]]
|archiveurl=https://web.archive.org/web/20130418005954/https://www.forbes.com/sites/calebmelby/2013/04/16/billionaire-t-boone-pickens-sues-his-son-alleging-cyberbullying/
|archivedate=2013-04-18
|accessdate=2017-12-13}}</ref><ref>{{cite web
|url=https://www.bizjournals.com/austin/blog/techflash/2014/04/austin-company-settles-mismanagement-lawsuit-filed.html
|title=Austin company settles mismanagement lawsuit filed by former CFO
|first1=Christopher
|last1=Calnan
|date=2014-04-30
|publisher=[[American City Business Journals|Austin Business Journal]]
|archiveurl=https://web.archive.org/web/20140531040751/https://www.bizjournals.com/austin/blog/techflash/2014/04/austin-company-settles-mismanagement-lawsuit-filed.html
|archivedate=2014-05-31
|accessdate=2017-12-13}}</ref> The firm also settled a [[clawback]] action for $32.2 million on behalf of [[Dreier LLP]] post-confirmation plan administrator.<ref>{{cite web
|url= https://www.law360.com/articles/587124/dreier-investor-settles-ponzi-scheme-claims-for-32m
|title= Dreier Investor Settles Ponzi Scheme Claims For $32M
|author=Andrew Scurria
|date=2014-10-15
|publisher= [[Law360]]
|archiveurl= https://web.archive.org/web/20141105192927/https://www.law360.com/articles/587124/dreier-investor-settles-ponzi-scheme-claims-for-32m
|archivedate=2014-11-05
|accessdate=2017-12-13}}{{subscription}}</ref><ref>{{cite web
|url = http://blogs.wsj.com:80/bankruptcy/2014/10/15/with-settlement-marc-dreier-is-off-the-hook-for-court-testimony/
|title = With Settlement, Marc Dreier Is Off the Hook for Court Testimony
|author = Sara Randazzo
|date = 2014-10-15
|newspaper = [[The Wall Street Journal]]
|archiveurl = https://web.archive.org/web/20141018033802/http://blogs.wsj.com/bankruptcy/2014/10/15/with-settlement-marc-dreier-is-off-the-hook-for-court-testimony/
|archivedate = 2014-10-18
|accessdate = 2017-12-13
|deadurl = yes
|df =
}}{{subscription}}</ref><ref>{{cite web
|url= https://www.abi.org/feed-item/october-2014-ponzi-scheme-roundup
|title= October 2014 Ponzi Scheme Roundup
|publisher=[[American Bankruptcy Institute]]
|archiveurl= https://web.archive.org/web/20171213162226/https://www.abi.org/feed-item/october-2014-ponzi-scheme-roundup
|archivedate=2017-12-13
|accessdate=2017-12-13}}</ref>
* In February 2015, the firm represented Tibanne Ltd, the parent company of [[Mt. Gox]], [[Digital currency exchange|bitcoin exchange]] when the company filed for bankruptcy protection seeking shelter from U.S. lawsuits (Case No. 15-10255-mkv).<ref>{{cite journal
| last = Rozens
| first = Aleksandrs
| date = 2015-05-21
| title = Mt. Gox, Cointerra Top the List of Bitcoin Bankruptcy Filers by Liabilities
| url = https://newsletters.briefs.bloomberg.com/repo/uploadsb/pdf/false_false/bloombergbriefs/39z18euvdyhzvm6y0a_0_23148.pdf
| dead-url =
| journal = [[Bloomberg News|Bloomberg Brief]]
| volume =
| issue = Special Report: Bitcoin
| page = 30
| doi =
| archive-url = https://web.archive.org/web/20171208225640/https://newsletters.briefs.bloomberg.com/repo/uploadsb/pdf/false_false/bloombergbriefs/39z18euvdyhzvm6y0a_0_23148.pdf
| archive-date= 2017-12-08
| access-date = 2017-12-08
}}</ref>
* In February 2018, the firm won a bankruptcy case in the [[Supreme Court of the United States|U.S. Supreme Court]] in Merit Management v. [[FTI Consulting]], in which the Supreme Court limited the application of Rule 546(e) of the bankruptcy code.<ref>{{cite web|url=https://www.supremecourt.gov/docket/docketfiles/html/public/16-784.html|title=No. 16-784: Merit Management Group, LP, Petitioner v. FTI Consulting, Inc.|year=2018|publisher=[[Supreme Court of the United States]]|archive-url=https://web.archive.org/web/20190112074906/https://www.supremecourt.gov/docket/docketfiles/html/public/16-784.html|archive-date=January 12, 2019|access-date=January 15, 2019}}</ref><ref>{{cite web|url=https://www.law360.com/articles/991915/justices-limit-ch-11-safe-harbor-for-securities-clawbacks|title=Justices Limit Ch. 11 Safe Harbor For Securities Clawbacks|last=Wolf|first=Alex||publisher= [[Law360]]|access-date=January 15, 2019}}{{subscription}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/u-s-supreme-court-takes-up-bankruptcy-clawback-dispute-1493654861|title=U.S. Supreme Court Takes Up Bankruptcy Clawback Dispute|last=Scurria|first=Andrew|date=May 1, 2017|newspaper=[[The Wall Street Journal]]|access-date=January 15, 2019}}{{subscription}}</ref>


==References==
==References==
Line 293: Line 178:


== External links ==
== External links ==
* [http://www.rctlegal.com/ Official website]
* [http://www.reidcollins.com/ Official website]


{{DEFAULTSORT:Reid Collins and Tsai}}
{{DEFAULTSORT:Reid Collins and Tsai}}

Latest revision as of 10:05, 22 December 2023

Reid Collins & Tsai LLP
No. of offices5
OfficesNew York, Austin, Dallas, Wilmington, and Washington D.C.
No. of employees50
Major practice areasComplex plaintiff’s contingency fee litigation, business litigation, insolvency litigation
Key peopleWilliam T. Reid, IV, Lisa S. Tsai, and Eric D. Madden
Date foundedNovember 23, 2009
Company typeLimited liability partnership
Websitereidcollins.com

Reid Collins & Tsai LLP is a national trial law firm with offices in New York, Austin, Dallas, Wilmington, and Washington, D.C.[1][2][3] The firm represents plaintiffs in complex commercial litigation on a mixed-fee[4] or contingency-fee basis.[5]

Practice areas

[edit]

Key practice areas include financial fraud, professional liability, fiduciary litigation, bankruptcy litigation, insolvency cases, and whistleblower actions.[6][5][7][8]

History

[edit]

The firm was formed in November 2009 with nine lawyers who had previously worked at Diamond McCarthy[9] and the U.S. Department of Justice,[4] including founding partners William T. Reid, IV and Lisa S. Tsai. Among their first cases were the bankruptcies of Stanford International Bank,[10] Thelen LLP[11] and Cornerstone Ministries Investments.[12] In 2010, hedge fund Highland Capital Management hired the firm to represent their funds in a fraud and contract lawsuit against Credit Suisse on a contingency-fee basis.[13] By the end of 2010, the firm had 15 lawyers.[5] In 2013, the firm opened a Dallas office with partners Eric D. Madden[14][15] and J. Benjamin King.[16][17] In October 2014 the Dallas office moved to Thanksgiving Tower.[18][19] In November 2018, the firm added former Munger, Tolles & Olson partner Marc T.G. Dworsky as a partner.[20] In March 2021, the firm opened a Wilmington, Delaware office with Jonathan Kass as a partner and Norman Monhait as counsel.[1][2][3] Today, the firm has 40 lawyers who prosecute claims in state and federal courts around the country.

Notable cases

[edit]
  • In July 2018, Reid Collins commenced litigation in New York state court on behalf of Renren shareholders asserting claims under Cayman Islands law and New York law. The action alleges a scheme by Renren insiders to wrongfully to take the company’s billion-dollar investment portfolio for themselves (In re Renren, Inc. Derivative Litigation, Index Number: 653594/2018, Supreme Court of the State of New York, New York County, Commercial Division). In both trial court and on appeal, Defendants’ motions to dismiss the case based on issues of personal jurisdiction and standing were denied.[21][22] In June 2022, the Court approved a $300 million settlement resolving the action, which is one of the largest cash settlements of a derivative action in history.[23]
  • The firm represented Plaintiff Claymore Holdings as the assignee of the claims of investment funds managed by Highland Capital Management in a fraudulent inducement and breach of contract lawsuit against global investment bank Credit Suisse related to a Las Vegas real estate development (Claymore Holdings, LLC vs. Credit Suisse AG, et al., Cause No. DC-13-07858, the 134th Judicial District Court of Dallas County, Texas). In December 2014, a jury found that Credit Suisse fraudulently induced the plaintiff funds into making the investment and awarded $40 million. Following a subsequent three-week bench trial, the trial court also found that Credit Suisse had breached its contractual obligations, and entered a fraud judgment against the bank[24][25][26] After subsequent appeals on multiple issues, the Texas Supreme Court affirmed the trial jury's finding that Credit Suisse committed fraud, and remanded the case to the trial court.  In June 2021, the trial court awarded $40 million on the primary market loss, plus another $23 million on the secondary market loss. With pre- and post-verdict interest added, and after deducting the value of related settlements reached with other parties, the trial court entered a judgment for $121 million against Credit Suisse.[27]
  • The firm filed a qui tam (whistleblower) lawsuit against Citigroup, Bank of America, and Goldman Sachs, among other defendants, on behalf of relator client Integra REC to resolve claims by the Commonwealth of Virginia under the Virginia Fraud Against Taxpayers Act (the largest financial fraud case ever brought by the state of Virginia - (Case No. CL14-399).[28][29] The claims arose from the sale of residential mortgage-backed securities to the Commonwealth by the defendant banks who ultimately resolved the litigation in a 2016 settlement in which $63 million was to be paid to the state.[30]
  • In February 2018, the firm won an important ruling on fraudulent transfer law in the U.S. Supreme Court in Merit Management v. FTI Consulting. Resolving a circuit split, the key ruling limited the application of Rule 546(e) of the bankruptcy code and opened new avenues of recovery for bankruptcy trustees[31][32][33]
  • In December 2018, Reid Collins filed a legal malpractice, breach of fiduciary duty, and breach of contract action in New York state court against law firm Reed Smith LLP on behalf of the liquidators of two Cayman Islands-based Bear Stearns investment funds seeking more than $500 million in damages.[34][35] The parties settled the matter under confidential terms in October 2019.[36]
  • In January 2019, Reid Collins filed suit in Delaware Chancery Court on behalf of Sarah Bradley, the co-founder of private equity firm Kainos Capital LP, against her company and three of its executives for fraud and business agreement violations accusing them of a scheme to strip her of her ownership rights by changing the firm's business structure.[37] The dispute addressed issues regarding duties owed between LLC members under Delaware law. In March 2020, Bradley settled her claims in exchange for a $20 million payment from Kainos Capital along with additional confidential settlement terms.
  • In November 2019, Reid Collins filed a legal malpractice and breach of fiduciary duty lawsuit in New York federal court on behalf of the LB Litigation Trust against law firm Brown Rudnick LLP for $300 million in damages.  In July 2020, the Court denied Brown Rudnick's motion to dismiss the proceedings.[38] In January 2021, the parties reached a confidential settlement of the action.[39]
  • In March 2016, Reid Collins was selected to serve as special counsel to the Official Committee of Unsecured Creditors of Fresh & Easy, LLC, a large grocery company with stores located in four states, in pursuing claims against its former insiders—including billionaire Ronald Burkle—for breach of fiduciary duty and fraudulent transfer of certain assets. After conducting Rule 2004 discovery, Reid Collins filed a Complaint in the U.S. Bankruptcy Court for the District of Delaware and obtained a temporary restraining order freezing certain assets and preventing the insiders from further disposing of assets.  Reid Collins then secured a settlement of those claims in exchange for a $21.5 million cash payment and the release of $104 million of insider claims against the estate, a settlement that doubled the projected distributions to unsecured creditors in the case.[40]
  • Nicholas Cosmo, the former principal of Hauppauge, NY-based Agape World, Inc., operated a Ponzi scheme where he raised money from investors for the ostensible purpose of making short-term real estate loans but instead used the funds to open futures trading accounts. Cosmo was arrested on January 26, 2009, and convicted in April 2015. Representing the bankruptcy Trustee for the Agape estate in the U.S. Bankruptcy Court for the Eastern District of New York, Reid Collins filed lawsuits against six commodities broker firms where Cosmo traded, including MF Global Inc., seeking to recover fraudulent transfers of Agape assets made to fund the risky futures trading. Reid Collins obtained settlements totaling in excess of $21 million on behalf of the Trustee.
  • In July 2017, Reid Collins was selected to serve as special litigation counsel to the Official Committee of Unsecured Creditors of Central Grocers, Inc., one of the country’s largest grocery cooperatives with operations in Illinois, Indiana, and Michigan. After conducting pre-suit discovery, Reid Collins engaged in settlement discussions and obtained a $23.6 million settlement of the claims against the company's lenders, including PNC Bank, Bank of America, and U.S. Bank.
  • In October 2014, GT Advanced Technologies filed for bankruptcy after failing to meet milestones under a critical $1 billion contract with Apple to manufacture sapphire display screens for the iPhone.  Reid Collins represented the GTAT Litigation Trust in pursuing claims against the company’s former officers in New Hampshire federal court, filing a complaint and defeating a motion to dismiss in a lengthy reported opinion.  After conducting discovery, the parties agreed to a confidential settlement of all claims.[41]

References

[edit]
  1. ^ a b "Reid Collins Expands With Delaware Office, a Location the Trial Firm's Lawyers Know Well". Texas Lawyer. Retrieved 2021-10-27.
  2. ^ a b Penton, Kevin (March 3, 2021). "Reid Collins Opens Del. Office With Ex-Offit Kurman Atty". www.law360.com. Retrieved 2021-10-27.
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