JD.com founder and former CEO Richard Liu reached a settlement concerning a lawsuit from a former University of Minnesota student who accused the executive of rape in 2018, the South China Morning Post reported.
The settlement came two days before a trial was set to begin in a Minneapolis court. The amount was not disclosed.
After news came out of the alleged criminal sexual misconduct, shares of JD.com fell by 25%. The ecommerce giant then denied the allegations, saying that Liu was falsely accused.
A lawsuit was handed to Liu in 2019, with the former student accusing the founder and JD.com of six counts of false imprisonment, civil assault and battery, and sexual assault or battery.
In April, JD.com appointed its president, Lei Xu, as CEO to replace Liu. The latter is still with the company as a chairperson.
See also: Can JD.com make a splash in SEA?
Editing by Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
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