Alibaba Group Holding Ltd Sued By Luxury Brands Over Counterfeit Goods In US

Alibaba Group Holding Limited (NYSE:BABA) was sued by Kering, a luxury goods company, on Friday; the group claimed that the Chinese e-commerce giant intentionally allowed sellers to sell their counterfeit goods around the globe.
Kering has sued the online-shopping giant in Manhattan Federal Court. The lawsuit includes subsidiaries of Paris-based KERING UNSP ADR (OTCMKTS:PPRUY), Yves Saint Laurent (YSL), and GUCCI GROUP NV (OTCMKTS:GUCG). The brands are seeking damages, and a sanction for alleged racketing and trademark violations.