NEW YORK: Alibaba Group Holding Ltd said on Monday it will pay US$250 million to settle a U.S. lawsuit faulting the Chinese e-commerce company for concealing a regulatory warning about its ability to stop counterfeiting before it went public in 2014.
The accord, which requires court approval, also resolves claims against Alibaba officials including billionaire founder and Executive Chairman Jack Ma.Alibaba denied wrongdoing. It said the settlement ends all pending securities litigation against the company, its executive officers and its directors.
The lawyers may seek up to 25 percent of the settlement fund for legal fees, the papers show. They did not immediately respond to requests for additional comment. Alibaba, Amazon.com Inc, eBay Inc and other such companies have policies banning counterfeiting, and highlighted their investments to thwart the practice.
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