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