China Papermaker Clothes, Cables, Supplies & Equipment Deal To Pay 2.9 BILLION IN SALE article Citing a source familiar with the matter, Bloomberg News said China Paper is expected to pay $2 billion in a settlement of a U.T.S., Securities and Exchange Commission suit that accused it of selling and distributing counterfeit products.
The complaint, filed in October 2015, alleged that the company was a distributor of counterfeit products in the U.K., Germany, Germany and Australia, among other countries.
China Paper said it was cooperating with U.N. investigators.
A spokesman for U.P.A., which was a defendant in the lawsuit, declined to comment.
China papermaker Clotron has been the target of lawsuits in the past by U.F.O.
S, which alleges that it violated the False Claims Act by selling counterfeit products, including counterfeit sunglasses, eyewear, and necklaces.
The U.O.’s complaint, which was filed in January 2017, accused the company of deceiving consumers about the quality of its products and failing to report counterfeit items it sold.