Bringing an end to a near six-year legal battle, Las Vegas Sands (LVS) has agreed to pay more than “USD75 million to end a lawsuit by its former top Macau executive, whose allegations prompted federal bribery investigations into the company,” financial news outlet Seeking Alpha said today (Wednesday).
The settlement resolves all legal claims brought by Steve Jacobs, who said he was fired for objecting to illegal demands from the casino’s controlling shareholder, Republican megadonor Sheldon Adelson.
According to a dispatch by the Associated Press, Sands China Ltd. said it has “reached a comprehensive and confidential settlement” with Steven Jacobs, the company’s former CEO.
Jacobs launched a wrongful termination case in 2010, alleging that he was fired in order to cover up illegal activities committed by the company as it developed its lucrative business interests in Macau.
The brief announcement filed with the Hong Kong stock exchange said Jacobs dismissed all claims in Nevada state and federal court against Las Vegas Sands, Sands China and its subsidiary Venetian Macau, and Adelson.
MDT/Agencies
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