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RENN - Renren jumps after judge approves settlement in derivative litigation
Renren Inc. American Depositary Shares each representing fifteen Class A
Renren (NYSE:RENN) rose 4.3% after a New York judge approved a settlement over derivative litigation. The judge approved the settlement at hearing on Thursday that is still taking place, according to a webcast of the hearing. The parties are currently arguing over fee reduction. Oasis Management originally filed a lawsuit against Renren (RENN), its founder and CEO Joseph Chen, and others claiming that the defendants stripped Renren of its SoFi (SOFI) stake and other valuable investments at far below market prices. Developing story ...