Alibaba Reaches Nearly $500 Million Class-Action Settlement

The Chinese tech behemoth Alibaba Group Holding has agreed to pay a colossal USD 433.5 million to settle a long-running securities fraud lawsuit in a Manhattan federal court. The class-action shareholder claim accused the Chinese e-commerce giant – often referred to as the ‘Chinese Google’ – of misleading investors regarding its competitive practices and the failed initial public offering (IPO) of Ant Group, Alibaba’s financial-services affiliate which was spun off from its parent in 2011.

Read more at ICLG.