DIGIVESTASI - Chinese e-commerce giant Alibaba has agreed to pay a fine of US$433.5 million, or approximately Rp 6.83 trillion (exchange rate Rp 15,766 per US dollar), to settle a lawsuit related to alleged monopoly practices in the United States. According to a report from Reuters on Tuesday (October 29, 2024), this class action lawsuit was filed by company investors in 2020, accusing Alibaba of forcing merchants to use only one distribution platform.

The company, founded by Jack Ma, denied the allegations but agreed to settle the case to avoid higher litigation costs. If the lawsuit had continued, Alibaba could have faced a fine of up to US$11.63 billion, or Rp 183.35 trillion, according to calculations by the plaintiffs' attorneys.

"At most, Alibaba investors could claim up to US$11.63 billion if the litigation proceeded," the attorneys said in a formal statement.

The settlement has been submitted to the federal court in Manhattan and is awaiting approval from U.S. District Judge George Daniels. The settlement funds will be distributed to investors who held Alibaba shares in the U.S. between November 13, 2019, and December 23, 2020, through American depositary shares (ADS).

The plaintiffs' attorneys consider this settlement an outstanding result, as the fine far exceeds the average recovery in similar class action cases involving losses of more than US$10 billion, or around Rp 157.66 trillion.

 

 

 

 

 

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