Attys Push For $63M Fee Award In Alibaba Stock-Drop Suit

Law360 (September 12, 2019, 6:38 PM EDT) -- Attorneys who secured a tentative $250 million from Alibaba Group Holding Ltd. to resolve investors’ allegations that it failed to disclose regulatory scrutiny ahead of a $25 billion initial public offering asked a New York federal court Wednesday for $62.5 million in fees.

The proposed settlement, disclosed in April, would end a securities class action claiming the Chinese e-commerce giant concealed a meeting with China's commerce regulator, the State Administration of Industry and Commerce, during which the agency allegedly ordered Alibaba to stop illegal business practices, including the sale of counterfeit goods.

The deal would be one of the top 70...

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