Reid Collins & Tsai

Reid Collins & Tsai LLP is an American law firm established in 2009 with offices in New York City, Austin, Dallas, Washington, D.C., and Montecito. The firm represents plaintiffs in complex civil litigation on a mixed-fee[2] or contingency-fee basis.[3]

Reid Collins & Tsai LLP
No. of offices5
OfficesNew York City, Austin, Dallas, Washington D.C., and Montecito[1]
No. of employees30 (2018)[1]
Major practice areasComplex plaintiff’s contingency fee litigation, business litigation, insolvency
Key peopleWilliam T. Reid, IV, P. Jason Collins, Lisa S. Tsai, Eric D. Madden, and Marc T.G. Dworsky
Date foundedNovember 23, 2009
Company typeLimited liability partnership
Websiterctlegal.com

Practice areas

Key practice areas include financial fraud, insolvency cases, professional liability, fiduciary litigation, bankruptcy litigation, mediation and whistleblower actions.[4][3][5][6]

History

The firm was founded in November 2009 in Austin with 9 lawyers who had previously worked at Latham & Watkins,[2] Diamond McCarthy[7] and the U.S. Department of Justice[2] 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,[8] Thelen LLP[9] and Cornerstone Ministries Investments.[10] 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.[11] By the end of 2010, the company had 15 lawyers.[3] In October 2011, RCT partner Marina Marmolejo was appointed as a federal judge of the United States District Court for the Southern District of Texas.[12] In 2013, the firm opened a Dallas office with Eric Madden[13][14] and J. Benjamin King as bankruptcy litigation partners,[15][16] joined later by Brandon V. Lewis.[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.[1][20]

Notable cases
  • 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.[21][22] 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 grounds.[23]
  • In 2012, the firm handled several cases for one of their early clients, Highland Financial Partners, settling an alleged "legal malpractice/negligence" suit against Orrick, Herrington & Sutcliffe.[24][25]
  • 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[26] (in 2015 the judge dismissed the lawsuit).[27]
  • 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.[28][29][30] 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)[31][32] resulting in a 2016 $63 million settlement to be paid to the state).[33] The company also resolved claims of corporate mismanagement filed by the former Astrotech Corporation's CFO John Porter against the CEO Thomas Pickens III. The case was subsequently settled.[34][35] The firm also settled a clawback action for $32.2 million on behalf of Dreier LLP post-confirmation plan administrator.[36][37][38]
  • In February 2015, the firm represented Tibanne Ltd, the parent company of Mt. Gox, bitcoin exchange when the company filed for bankruptcy protection seeking shelter from U.S. lawsuits (Case No. 15-10255-mkv).[39]
  • In February 2018, the firm won a bankruptcy case in the 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.[40][41][42]

References
  1. Jeffreys, Brenda Sapino (November 14, 2018). "Reid Collins & Tsai Expands Into California With Former Munger Tolles Attorney Marc Dworsky". Texas Lawyer. Archived from the original on January 12, 2019. Retrieved January 15, 2019.
  2. Zoe Tillman (2016-02-08). "Reid Collins & Tsai". The National Law Journal. Retrieved 2017-12-09.(subscription required)
  3. Katrina Dewey (2016-12-04). "Lawyer Limelight: William "Bill" T. Reid IV and Lisa S. Tsai". lawdragon.com. Archived from the original on 2017-09-23. Retrieved 2017-12-09.
  4. Diane Davis (2016-04-20). "Mediation Plays Increasing Role in Bankruptcy Cases". Bankruptcy Law Reporter. Bloomberg BNA. Archived from the original on 2016-07-27. Retrieved 2017-12-09.
  5. Brenda Sapino Jeffreys (2016-12-15). "Plaintiffs Firm Touts Texas-Sized Bonuses to Top Cravath". law.com. Retrieved 2017-12-09.(subscription required)
  6. "Small Size, Big Cases: The 2016 Litigation Boutiques Hot List". The National Law Journal. 2016-02-08. Retrieved 2017-12-09.(subscription required)
  7. Jacob Dirr (2009-12-20). "Eight Diamond McCarthy lawyers defect to start new firm". Austin Business Journal. Archived from the original on 2017-12-08. Retrieved 2017-12-08.
  8. "In re Stanford International Bank Ltd. Debtor in a Foreign Proceeding". Law360. Archived from the original on 2017-12-09. Retrieved 2017-12-09.
  9. Triedman, Julie (2014-11-21). "Key Ruling Brings Thelen Bankruptcy Closer to Conclusion". The American Lawyer. Retrieved 2017-12-09.(subscription required)
  10. Williams, Bob (2011-03-15). "Unfinished Business for the Presbyterian Church in America (PCA)". christianobserver.org. Archived from the original on 2016-08-16. Retrieved 2017-12-09.
  11. Rucinski, Tracy (July 11, 2018). "Credit Suisse nears $360 million deadline in fraud suit built on a hunch". Reuters. Archived from the original on January 12, 2019. Retrieved January 12, 2019.
  12. Martin, Gary (2010-07-28). "Obama names Laredo lawyer to federal judge post". Houston Chronicle. Archived from the original on 2012-10-24. Retrieved 2017-12-09.
  13. Council, John (2015-06-01). "Reid, Collins & Tsai Flourishing With Contingency Fees". law.com. Retrieved 2017-12-09.(subscription required)
  14. "Reid Collins & Tsai LLP". Chambers and Partners. 2018. Archived from the original on August 20, 2018. Retrieved August 20, 2018.
  15. Jess Krochtengel (2013-08-27). "Reid Collins Opens Dallas Office With Diamond McCarthy Hires". Law360. Archived from the original on 2017-12-09. Retrieved 2017-12-09.(subscription required)
  16. Andrew Mizner (2013-08-30). "Texas firm doubles down". cdr-news.com. Archived from the original on 2017-12-09. Retrieved 2017-12-09.(subscription required)
  17. "Lawyers on the move". Texas Bar Journal. 77 (3): 283. 2015-05-21. Archived from the original on 2015-09-13. Retrieved 2017-12-08.
  18. Steve Brown. "Downtown Dallas' Thanksgiving Tower lands several new office tenants". The Dallas Morning News. Archived from the original on 2017-12-22. Retrieved 2017-12-22.
  19. Candace Carlisle (2014-10-17). "Sneak Peek: Thanksgiving Tower Renovation". Dallas Business Journal. Archived from the original on 2015-03-03. Retrieved 2017-12-22.
  20. Coe, Aebra (November 14, 2018). "In Leap To Plaintiffs Boutique, Munger Vet Makes Rare Move". Law360. Retrieved January 15, 2019.(subscription required)
  21. Cobo, Leila (1 December 2012). "Shakira Hit With $100 Million Lawsuit by Ex-Boyfriend". Billboard. Retrieved 1 July 2018.
  22. "Shakira's ex-boyfriend files $100 million lawsuit against singer". CBS News. 4 December 2012. Retrieved 1 July 2018.
  23. Associated Press (8 February 2013). "Court Dismisses Shakira Lawsuit Filed By Ex-Boyfriend". Billboard. Retrieved 1 July 2018.
  24. Margaret Taylor (2012-01-30). "Highland Financial hits Orrick with $95m claim as RBS case continues". The Lawyer. Archived from the original on 2017-12-10. Retrieved 2017-12-10.(subscription required)
  25. Jess Krochtengel (2012-11-30). "Orrick Resolves $95M Malpractice Claims Over CDO Deal". Law360. Archived from the original on 2016-03-17. Retrieved 2017-12-10.(subscription required)
  26. Christine Simmons (2013-12-13). "Liquidators of Investment Funds Sue DLA Piper". New York Law Journal. Retrieved 2017-12-11.(subscription required)
  27. Christine Simmons (2015-09-17). "Judge Dismisses Suit Against DLA Piper". New York Law Journal. Retrieved 2017-12-11.(subscription required)
  28. Jess Krochtengel (2014-12-02). "Highland Entity Blames Credit Suisse For $285M Refi Loss". Law360. Archived from the original on 2015-09-11. Retrieved 2017-12-10.(subscription required)
  29. Tom Hals (2014-12-19). "Jury faults Credit Suisse in Lake Las Vegas refinancing". Reuters. Archived from the original on 2017-12-09. Retrieved 2017-12-09.
  30. Cronin Fisk, Margaret; Korosec, Tom (2015-09-05). "Credit Suisse Ordered to Pay Highland Capital $287.5 Million". Bloomberg News. Archived from the original on 2015-09-09. Retrieved 2017-12-09.(subscription required)
  31. Zajac, Andrew (September 17, 2014). "Virginia Sues 13 Banks for $1.15 Billion Alleging Fraud". Bloomberg News. Retrieved January 15, 2019.(subscription required)
  32. "Virginia Sues 13 Banks For $1.15 Billion Alleging Fraud". Financial Advisor. 2014-09-17. Retrieved 2017-12-09.
  33. Dani Kass (2016-01-22). "11 Big Banks To Pay Va. $63M Over Alleged RMBS Fraud". Law360. Archived from the original on 2017-09-23. Retrieved 2017-12-09.(subscription required)
  34. Melby, Caleb (2013-04-16). "Billionaire T. Boone Pickens Sues His Son, Alleging 'Cyberbullying'". Forbes. Archived from the original on 2013-04-18. Retrieved 2017-12-13.
  35. Calnan, Christopher (2014-04-30). "Austin company settles mismanagement lawsuit filed by former CFO". Austin Business Journal. Archived from the original on 2014-05-31. Retrieved 2017-12-13.
  36. Andrew Scurria (2014-10-15). "Dreier Investor Settles Ponzi Scheme Claims For $32M". Law360. Archived from the original on 2014-11-05. Retrieved 2017-12-13.(subscription required)
  37. Sara Randazzo (2014-10-15). "With Settlement, Marc Dreier Is Off the Hook for Court Testimony". The Wall Street Journal. Archived from the original on 2014-10-18. Retrieved 2017-12-13.(subscription required)
  38. "October 2014 Ponzi Scheme Roundup". American Bankruptcy Institute. Archived from the original on 2017-12-13. Retrieved 2017-12-13.
  39. Rozens, Aleksandrs (2015-05-21). "Mt. Gox, Cointerra Top the List of Bitcoin Bankruptcy Filers by Liabilities" (PDF). Bloomberg Brief (Special Report: Bitcoin): 30. Archived from the original (PDF) on 2017-12-08. Retrieved 2017-12-08.
  40. "No. 16-784: Merit Management Group, LP, Petitioner v. FTI Consulting, Inc". Supreme Court of the United States. 2018. Archived from the original on January 12, 2019. Retrieved January 15, 2019.
  41. Wolf, Alex. "Justices Limit Ch. 11 Safe Harbor For Securities Clawbacks". Law360. Retrieved January 15, 2019.(subscription required)
  42. Scurria, Andrew (May 1, 2017). "U.S. Supreme Court Takes Up Bankruptcy Clawback Dispute". The Wall Street Journal. Retrieved January 15, 2019.(subscription required)
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