• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Alibaba to pay $433.5 million to settle shareholder lawsuit over monopoly claims

by October 26, 2024
written by October 26, 2024

(Reuters) – China’s Alibaba (NYSE:BABA) said on Friday it had agreed to pay $433.5 million to settle a U.S. class-action lawsuit filed by investors alleging monopolistic practices by the e-commerce giant. Alibaba denied wrongdoing, saying it entered the settlement to avoid the cost and disruption of further litigation. The proposed settlement was filed in federal court in Manhattan and requires the approval of U.S. District Judge George Daniels. The lawsuit, filed in 2020, alleged that Alibaba claimed it did not violate anti-monopoly or unfair competition laws, despite requiring merchants to choose only one distribution platform.

The settlement covers investors in Alibaba’s American depositary shares from Nov. 13, 2019, to Dec. 23, 2020, and resolves claims they suffered losses when the market recognized Alibaba’s misleading statements and the stock price fell. Lawyers for the plaintiffs in court papers called the proposed deal “an exceptional result,” saying it vastly exceeded the median recovery in securities class actions where the investor losses exceeded $10 billion. The maximum damages award the Alibaba investors could have potentially sought had they continued litigating was $11.63 billion, the lawyers wrote. The case is in re Alibaba Group Holding Ltd Securities Litigation, U.S. District Court, Southern District of New York, No. 20-09568.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
New York probing legality of Capital One-Discover merger
next post
US missile agency scales back Guam defence plans

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • SimilarWeb earnings matched, revenue topped estimates
    • Drake sues longtime label UMG for defamation over Kendrick Lamar’s ‘Not Like Us’

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy