In what plaintiffs’ lawyers are calling one of the largest-ever derivative shareholder recoveries, minority shareholders and American Depository shareholders of the Chinese-founded company Renren will receive at least $300 million.

The settlement in the complex breach-of-fiduciary-duty lawsuit, lodged in Manhattan Supreme Court’s Commercial Division, comes after three years of feverishly fought litigation in which the plaintiffs—who are minority stakeholders in Renren—alleged that they were bilked by controlling company stockholders who in 2018 devised a way to transfer a billion-dollar investment portfolio from Renren to a separate company they controlled, according to a news release about the settlement from plaintiffs’ counsel at Reid Collins & Tsai and court records.

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