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Alibaba Group (BABA.N) said on Monday that it will pay $250 million to settle a US class action lawsuit. In this lawsuit, Alibaba was accused of concealing the warnings of its ability to counterfeit before the listing in 2014.

Alibaba was accused of securities fraud because it did not disclose a meeting with the China State Administration of Industry and Commerce (SAIC) on July 16, 2014, two months before the initial public offering (IPO). .

SAIC published the minutes of the meeting on the official website, the article entitled "White Paper on Administrative Guidance for Alibaba Group", saying that many of the goods sold on Alibaba's website have counterfeiting or trademark infringement problems. Since then, Alibaba's US-listed American Depositary Shares (ADS) has fallen 12.8% during the 28-29 January 2015 period.

The white paper also stated that SAIC delayed the publication of its findings and that the Alibaba IPO will not be affected.

The proposed class action settlement on Monday covered investors holding Alibaba ADS and ADS options during the first four and a half months of the white paper announcement. This white paper was later withdrawn.

The agreement also resolved litigation against Alibaba executives, including company founder and chairman of the company's board of directors Ma Yun. The agreement has yet to be approved by the court.

Alibaba denied any misconduct. Company executives and directors said the settlement proposal ended all pending litigation against the company.

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