ALIBABA SETTLES $433.5 MILLION ANTITRUST LAWSUIT

Tina Collins

Oct 29, 2024 — 1 min read

ALIBABA SETTLES $433.5 MILLION ANTITRUST LAWSUIT

Alibaba is settling a class-action lawsuit for $433.5 million.

The lawsuit was filed by investors in the U.S. who accused Alibaba of unfair business practices.

The settlement was announced on Friday and needs approval from a federal judge.

The lawsuit started in 2020, claiming Alibaba misled investors about its compliance with antitrust laws.

Investors affected are those who held Alibaba’s American depositary receipts from November 2019 to December 2020.

The stock price dropped after the market reacted to Alibaba’s alleged misleading statements, causing investor losses.

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GOLDMAN SACHS EXPECTS RBA AND NZRB TO CUT INTEREST RATES