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Renren Insiders Settle SoFi Stake Suit in $300 Million Deal (1)

Oct. 8, 2021, 2:38 PM

Renren Inc. co-founders Joseph Chen and David Chao and Softbank Group Corp. agreed to pay at least $300 million to resolve an investor suit accusing them of self-dealing in selling the Chinese social-media company’s assets, according to court documents.

Chen, Chao and Softbank were accused in a 2018 New York state court suit of spinning off its most valuable assets at artificially low prices, including a large stake in the San Francisco-based personal-finance startup Social Finance Inc., which went public through a blank-check merger in June.

Renren American depositary shares jumped 41% on Friday to a three-year high of ...

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