A civil lawsuit filed against billionaire JD.com founder Richard Liu by a former University of Minnesota student was settled Saturday, with both parties stating that it was "a misunderstanding."

Jingyao Liu, who is not related to Richard Liu, alleged that in 2018 he raped her at her Minneapolis apartment after she went to dinner and drinks with him and other wealthy Chinese executives. Jingyao claimed that Richard Liu had forced himself upon her in a limousine before they went to her apartment.

Jingyao agreed to make her name public in the sexual assault case.

"The incident between Ms. Jingyao Liu and Mr. Richard Liu in Minnesota in 2018 resulted in a misunderstanding that has consumed substantial public attention and brought profound suffering to the parties and their families," read a joint statement.

"Today, the parties agreed to set aside their differences, and settle their legal dispute in order to avoid further pain and suffering caused by the lawsuit."

Jingyao Liu was a 21-year-old Chinese citizen visiting the university on a visa at the time. She filed the lawsuit against Richard Liu for compensatory and punitive damages of more than $50,000. The trial had been set to begin on Monday.

Richard Liu, 48, was in Minneapolis as part of a weeklong residency with the school's business program that is aimed at high-level executives in China.

Jingyao Liu had stated on the night of the incident that she "was raped but not that kind of rape," while also stating that it was also just "spontaneous."

Police released Richard Liu at the time because "it was unclear if a crime had actually taken place."

Richard Liu is worth $12 billion, according to Bloomberg's Billionaire Index. In April, he stepped down as CEO of JD.com, a Beijing-based e-commerce company.

Lawsuit