Renren Judge Clears $300 Million Settlement Over SoFi Stake (1)

Renren Inc.’s $300 million settlement with a group of investors who accused its co-founders of self-dealing was approved by a New York judge, six months after he rejected the deal.

The payment could exceed $300 million depending on the number of shares and ADRs held by non-defendants, and is one of the largest cash settlements of a shareholder derivative action ever, Reid Collins & Tsai LLP, the lead lawyers for the plaintiffs, said in a statement.

The Chinese social media company, its co-founders Joe Chen and David Chao, and Softbank Group Corp. said in October they had agreed to ...