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

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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