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Alibaba to settle US lawsuit over ability to stop counterfeiting
- Tuesday | 30th April, 2019
The white paper also said the SAIC delayed releasing its findings so the IPO would not be affected. On April 3, US President Donald Trump ordered a crackdown on online counterfeiting, saying global transactions in fake and pirated goods could reach $500 billion annually. NEW YORK (Reuters) – Alibaba Group Holding Ltd said on Monday it will pay $250 million to settle a US lawsuit faulting the Chinese e-commerce company for concealing a regulatory warning about its ability to stop counterfeiting before it went public in 2014. Alibaba, Amazon.com Inc, eBay Inc and other such companies have policies banning counterfeiting, and highlighted their investments to thwart the practice. Monday’s proposed class-action settlement covers investors in Alibaba ADS and ADS options in the 4-1/2 months preceding the release of the white paper, which was later withdrawn.
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