Luckin Coffee has settled a US class action lawsuit, resolving some US investors’ claims against the company, which admitted in April 2020 to fabricating $310 million in sales. Settlement amounts will be calculated based on a global settlement of $187.5 million, according to a company statement issued Sept. 19.
The bankrupt company, striving for a business turnaround, is moving a step further to repair its image after the fraud scandal.
The settlement plan is still subject to approval from courts in the US and Cayman Islands, according to a Tuesday statement from the company, which is registered in the Cayman Islands.
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