JD.com Founder Reaches Out-Of-Court Settlement Over Rape Allegations

JD.com, Inc JD founder Richard Liu had settled with Liu Jingyao, the Minnesota student, for alleged rape charges in 2018, ending a civil suit less than 48 hours before a trial was likely to begin.
"The incident between Ms. Jingyao Liu and Mr. Richard Liu in Minnesota in 2018 resulted in a misunderstanding that has consumed substantial public attention and brought profound suffering to the parties and their families," the parties said.
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Jingyao sought at least $50,000 in damages, plus additional punitive damages in the lawsuit, Bloomberg reports.
The terms of the settlement remained undisclosed.
News of the alleged assault wiped $10 billion off the company's value, but Liu remained among the 150 wealthiest people in the world, according to the Bloomberg Billionaire Index.
China's domestic legal system made it hard for women to seek recourse for sexual misconduct by men.
On September 16, Richard Liu relinquished 45% of his equity interests in two JD.com affiliates to Qin Miao, the VP of JD Group, to boost the administration efficiency.
Liu stepped down as CEO of JD.com in April. JD.com President Xu Lei succeeded Liu.
Liu resigned from the Chinese People's Political Consultative Conference, citing "personal reasons."
JD.com topped the 500 private Chinese enterprises list, beating Alibaba Group Holding Limited BABA with 951.59 billion yuan ($136.46 billion) of revenue in 2021.
Price Action: JD shares traded lower by 1.63% at $49.48 in the premarket on the last check Monday.

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