Settlement reached in civil lawsuit involving Chinese billionaire, U of M student

Chinese billionaire Richard Liu has agreed to settle a lawsuit filed by a former University of Minnesota student who alleged he raped her in Minneapolis in 2018.

Attorneys for both sides made the announcement in a joint statement late Saturday night, which called the encounter a “misunderstanding.”

A settlement amount wasn’t disclosed. However, as previously reported, the student was seeking more than $50,000 in damages.

RELATED: Chinese tycoon Richard Liu faces civil trial in alleged rape

Liu has denied raping the woman, and prosecutors never filed criminal charges.

The civil trial was expected to begin Monday in Minneapolis.