Jumia Seeks OK Of $5M Deal To End Investors' Suits

Law360 (October 13, 2020, 3:25 PM EDT) -- Investors of African e-commerce platform Jumia Technologies have asked a New York federal judge to approve a combined $5 million deal to settle two proposed class actions, one in New York federal court and one in state court, to end claims the company fooled investors into thinking it was the "Amazon of Africa" before its initial public offering.

Federal lead plaintiff Hexuan Cai filed the motion Friday to tie together two settlements, ending a federal class action for $2 million and a state suit for $3 million against the Berlin-based Jumia, accused by investors of overstating the number of its active...

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