Estée Lauder Companies has agreed to a $210 million settlement in a proposed securities class-action lawsuit over claims regarding its sales practices in China, without admitting liability or wrongdoing.

The institutional investors suing the company filed an unopposed request in the U.S. District Court for the Southern District of New York on May 7, seeking Judge Arun Subramanian’s approval of the deal.

The all-cash settlement amount would rank among the 100 largest securities class-action settlements of all time, according to a brief supporting the deal.

The lawsuit accuses the beauty conglomerate of defrauding shareholders by concealing its overreliance on improper gray-market “daigou" sales in China after the COVID pandemic began. The brand generates roughly one-fifth of its sales in mainland China.

The plaintiffs alleged that the conglomerate concealed the impact on sales until November 2023, causing the company's shares to plunge 19% and wiping $8.7 billion from its market value.

The company denied wrongdoing in agreeing to settle and said insurance would cover some of the settlement costs. The settlement is subject to approval by a US judge.