Rakower Law PLLC, as lead counsel, has commenced five new lawsuits against Getty Images Holdings, Inc. ("Getty Images") (NYSE: GETY) on behalf of several holders of Getty Images' public warrants. These actions allege that Getty Images wrongly prevented plaintiffs from exercising their warrants as of August 22, 2022 based upon the false claim that the warrants could not be exercised until an SEC Form S-2 resale registration statement became effective. All five cases follow on the heels of CRCM Institutional Master Fund (BVI) Ltd., et ano v. Getty Images Holdings, Inc., No. 1:23-cv-01074-JSR (S.D.N.Y.), a case Rakower Law, as lead counsel, commenced on February 8, 2023. The court in that case granted summary judgment in favor of plaintiffs, awarding more than $51 million in damages. Click HERE to view a copy of the Court's decision in CRCM Institutional Master Fund (BVI) Ltd., et al. v. Getty Images Holdings, Inc., No. 1:23-cv-01074-JSR. Click HERE to read our press release concerning the new lawsuits. Holders of Getty Images public warrants who were unable to exercise those warrants on or after August 22, 2022, are encouraged to contact Rakower Law.

Partner Michael Rakower was interviewed by Chambers to discuss SPAC litigation and the Firm's success in a recent landmark federal case. Watch the full interview HERE.

Rakower Law, as lead counsel, commenced an action against Getty Images Holdings, Inc. (NYSE: GETY) on behalf of two investment funds that had been wrongly prevented from exercising their public warrants in Getty Images following a de-SPAC transaction. The action alleged that Getty Images breached its contract by falsely asserting that the warrants could not be exercised until an SEC Form S-1 resale registration statement became effective. In October 2023, our clients won an award for every penny sought. Click HERE to view a copy of the Court's decision in CRCM Institutional Master Fund (BVI) Ltd., et al. v. Getty Images Holdings, Inc., No. 1:23-cv-01074-JSR. Click HERE to read our press release concerning the victory. Holders of Getty Images public warrants who were unable to exercise those warrants on or after August 22, 2022, are encouraged to contact Rakower Law.

Rakower Law partner Michael Rakower continues to establish himself as a thought leader in commercial litigation.  Recently, he served as a panelist during the New York State Bar Association’s annual Commercial Litigation Academy, which took place on November 3-4, 2022.

Michael moderated the panel entitled Civil Appeals and Argument.  He was joined by the following panelists: Appellate Division Justice Sharon A. M. Aarons (3rd Dept.); Hon. Anthony Carpinello (Ret.) (3rd Dept.), now a JAMS arbitrator; Gerard Rath of Shaub, Ahmuty, Citrin & Spratt LLP; and Michael McMahon of Bond Schoeneck & King.

NEW YORK (PRWEB) MARCH 29, 2022

Rakower Law PLLC is investigating claims on behalf of investors of Renren Inc. (“Renren” or the “Company”) who held shares of Renren in June 2018. (NYSE: RENN) This investigation concerns an action pending in New York Supreme Court, New York County entitled, In re Renren, Inc. Derivative Litigation, Index No. 653594/2018

The action includes allegations that Renren’s officers and directors breached fiduciary duties owed to the Company in connection with a series of transactions in which Renren’s investment portfolio was transferred to Oak Pacific Investments (“OPI”) in exchange for an inadequate cash dividend paid to certain minority shareholders who did not receive shares in OPI. In a recent decision, the court concluded that those Renren shareholders as of June 21, 2018 who received dividends in connection with the OPI transaction are entitled to recover on any judgment or settlement in the action.

Rakower Law PLLC represents an investor with sizeable Renren holdings as of June 21, 2018 who intervened in the pending court action. If you held Renren common stock or American depositary shares (“ADS”) on June 21, 2018 and received a cash dividend as a result, you are advised to contact Michael C. Rakower at mrakower@rakowerlaw.com or (212) 660-5550 to obtain additional information regarding this investigation.

ABOUT RAKOWER LAW PLLC

Rakower Law PLLC is a boutique commercial litigation firm located in New York City focusing on aggressively representing clients in complex commercial disputes. For more information visit: https://www.rakowerlaw.com.

CONTACT

Michael C. Rakower 260 Madison Avenue, 15th Fl. New York, NY 10016 mrakower@rakowerlaw.com (212) 660-5550

Partner Michael Rakower co-published “Failing to Heed ERISA’s Claims Procedure: A Fast-Track to Court and De Novo Review” in the November 5, 2021 edition of the New York Law Journal.  The article explores the consequences of an administrator’s failure to follow the claims procedure of an ERISA-governed benefits plan.  First, the administrator’s neglect permits claimants to skip their plan’s internal appeal process and go straight to court.  Second, it shifts the court’s standard of review of a benefits denial from arbitrary and capricious to de novo.  

In its 2021 rankings, Chambers USA has identified Rakower Law partner Michael C. Rakower as one of New York’s top commercial litigators. According to Chambers, “[I]ndividuals ranked in the New York General Commercial Litigation tables have secured their positions through consistently demonstrating their prowess in complex business disputes.”  Interviewees remarked that Michael was “[e]xtremely intelligent and professional,” and "an outstanding advocate and great writer. You'd want him in the courtroom with you."  Recognizing that Michael focuses on “individual representation in diverse commercial disputes,” Chambers noted that Michael is a “particularly strong choice for the litigation of executive compensation claims.” Michael is one of only 90 attorneys ranked in this year’s guide. CLICK HERE to see Michael’s Chambers USA profile.

Partner Michael Rakower co-published “Incentive Compensation: When a Promise Becomes a Myth” in the May 6, 2021 edition of the New York Law Journal.  The article explores enforceability risks arising from incentive compensation agreements that vest employers with overly broad discretionary rights.

Once again, Rakower Law partner Michael Rakower has been honored by Thomson Reuters’ Super Lawyers.  Super Lawyers placed Michael for the sixth straight year on its Top 100 list of attorneys in the New York Metropolitan Area.

Rakower Law continues to forge into uncharted territories, this time by establishing a leadership position in remote proceedings during the COVID-19 pandemic.  Undaunted by the challenges presented during this pandemic in a case where parties and witnesses span the country, Rakower Law has made use of state-of-the-art technology to participate in 7 depositions over the last several weeks, all taken virtually, and is preparing for a week-long remote arbitration set to commence in mid-August.

In contrast to countries that require a losing party to pay the winning party’s legal fees, the United States abides by the “American Rule,” which requires each party to pay its own legal fees irrespective of who wins.  The American Rule, however, has exceptions. One of them concerns the fee-shifting provision in the Employee Retirement Income Security Act (ERISA). This article explores the considerations courts apply to a party’s request for legal fees after success in an ERISA case.