Estée Lauder has agreed to a $210 million settlement in a shareholder lawsuit alleging the cosmetics giant concealed its reliance on gray-market daigou (parallel importers who undercut retail prices) sales in China. Shareholders claimed the company — which earns roughly 20% of its revenue in mainland China — delayed disclosing how a January 2022 crackdown on daigou sales in Hainan province hurt revenue, causing its stock to drop 19% and erasing approximately $8.7 billion in market value. Estée Lauder denied wrongdoing, with insurance set to cover part of the payout. The case, led by three Michigan public pension funds, awaits approval in Manhattan federal court.

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