Alibaba to Pay $250 Million to Settle Suit Over Counterfeit Goods Disclosure

Alibaba Group Holding, China’s largest e-commerce services provider, has agreed to pay $250 million to settle a U.S. lawsuit over the company’s failure to disclose that its executives met with Chinese regulators to discuss counterfeit goods sold on its largest retail platform, several months before the firm went public in 2014. New York-traded Alibaba and its senior executives deny any wrongdoing in the settlement, which “does not constitute an admission or finding that the claims asserted has any merit”, according to the company’s filing to the U.S. Securities and Exchange Commission (SEC).