Connect with us

CryptoCurrency

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

Published

on

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


(Reuters) – China’s Alibaba 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.

(Reporting by Surbhi Misra in Bengaluru and Nate Raymond in Boston; Editing by William Mallard)

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Saylor’s Bitcoin custody debacle highlights growing divide in crypto community

Published

on

Saylor’s Bitcoin custody debacle highlights growing divide in crypto community


As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.



Source link

Advertisement
Continue Reading

CryptoCurrency

Binance founder CZ sees positive shift in crypto regulation worldwide 

Published

on

Binance founder CZ sees positive shift in crypto regulation worldwide 


Developing crypto regulations, along with a political shift toward cryptocurrencies, is a “very positive direction” for the industry, according to Changpeng Zhao.



Source link

Advertisement
Continue Reading

CryptoCurrency

Harris win unlikely to rock Bitcoin price, but crypto fears persist, say observers

Published

on

Harris win unlikely to rock Bitcoin price, but crypto fears persist, say observers


With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.



Source link

Advertisement
Continue Reading

CryptoCurrency

Missing Bitcoin and lost execs: Halloween’s creepiest crypto mysteries

Published

on

Missing Bitcoin and lost execs: Halloween’s creepiest crypto mysteries


It’s Bitcoin White Paper Day, but it’s also Halloween. Here are Cointelegraph’s six crypto mysteries to share around the campfire.



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitget wallet on Telegram hits 6 million users 3 days after launch

Published

on

Bitget wallet on Telegram hits 6 million users 3 days after launch


Bitget Wallet’s Telegram Mini App, Bitget Wallet Lite mini, has attracted more than six million users in just three days after its soft launch.



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin at 16: From experiment to trillion-dollar asset

Published

on

Bitcoin at 16: From experiment to trillion-dollar asset


In just 16 years, Bitcoin has grown to become the world’s 10th largest asset and the best currency for “financial freedom,” according to Tether CEO, Paolo Ardoino.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com