A litigation boutique with a plaintiff-side ethos, Reid Collins & Tsai has crafted itself as a maverick in the world of trial litigation. The firm has strategically expanded from its Texas roots to include posts in the New York, District of Columbia, and Delaware markets. The firm's calculated five-office footprint has amassed national recognition, notably for its high-stakes commercial and bankruptcy litigation. Co-founding partner hailing from the Austin office, Bill Reid enjoys a far-reaching reputation as an all-purpose trial lawyer equipped to handle any case. After his 2018 Supreme Court victory in the Merit Management case, he was sought as replacement counsel for the BosGen Liquidation Trust in a closely related case, raising issues on viability of actual intent fraudulent conveyance claims. The case has been appealed to the SDNY. Reid is also serving as lead counsel on behalf of regional telephone partnerships in a derivatives lawsuit filed against AT&T, alleging an illegal scheme to leverage its position over partnerships and generate millions of dollars. Multiple actions are being litigated, seeking compensatory damages, disgorgement of profits, and pre-judgment and post-judgment interest. Reid and fellow co-founding partner Lisa Tsai have represented Claymore Holdings in its decade-long lawsuit against Credit Suisse. At a hearing in January 2021, Reid argued that Credit Suisse should pay Claymore $171.9 million in out-of-pocket damages and prejudgment interest. Six months later, the dispute seemingly came to an end when the 134th Civil District Court in Dallas County entered a fraud judgment against Credit Suisse, awarding more than $121 million to Claymore. On appeal, the fraud ruling remained intact; however, the Dallas Court of Appeals overturned portions of the judgment. The case continues as to the overturned portions. Tsai is a multidisciplined litigator whose talent is well-rounded, covering a diverse set of practice areas. She is leading a legal malpractice lawsuit against a full-service law firm that provided services as transaction counsel during her client’s acquisition of a competitor. In a private equity matter, Tsai represents Carling O’Brien, partner and co-founder of Emerald Lake, against several former colleagues, who she alleges engaged in a bad-faith scheme to confiscate her partnership interest and carried interest grants, as well as making false and defamatory statements to investors. Tsai has been representing her client in arbitration.
Bankruptcy and commercial litigator Eric Madden represents the successor to Insys Therapeutics, Insys Liquidation Trust, formed after the company’s illegal off-label marketing scheme led it to bankruptcy due to a series of criminal proceedings, class actions and civil cases that resulted in racketeering charges against executives and a $225 million fine to settle other investigations. Madden served as lead counsel in the company’s investigation and prosecution of claims against former executives and related professionals, and successfully negotiated favorable settlements. Madden is also serving as lead counsel to PNI Litigation Trust, successor to the Chapter 11 Bankruptcy of Patriot National, in a case that spans corporate governance issues in Delaware and insurance issues under Florida law. The team was pursuing claims against Patriot’s former officers and directors when the company went into bankruptcy after an SEC investigation and class action lawsuits. Thus far, Madden has obtained a $44 million settlement for its clients claims that included a cash payment of $14 million and another cash payment of $30 million collected in the coverage action against the D&O insurance.