ADELSON GROUP CRIES UNCLE IN LITIGATION WITH FORMER MACAU SENIOR EXECUTIVE
Las Vegas Sands agrees to pay Steve Jacobs $75 million in a settlement deal.
Sheldon Adelsons Las Vegas Sands Corp. has agreed to pay more than $75 million to settle a lawsuit by its former top Macau executive, Steve Jacobs, whose allegations prompted federal bribery investigations into the company, according to a report in the Wall Street Journal Tuesday.
The Las Vegas-based online gambling group settled the almost six-year wrongful termination judicial dispute lodged by Jacobs, the former CEO of Sands China
Sands China filed papers with the Hong Kong Stock Exchange announcing the settlement, observing:
“On or about May 31, 2016, the parties to the Proceedings reached a comprehensive and confidential settlement through which Mr. Jacobs dismissed all claims in the Nevada state and federal cases against our controlling shareholder, Las Vegas Sands Corp., the Company, our subsidiary Venetian Macau Limited, and Mr. Sheldon Gary Adelson and released all claims as of that date.”
The now abandoned action saw LVS fighting to avoid the Las Vegas courts exercising jurisdiction over the termination of Jacobs; some testy exchanges between Adelson and the presiding judge in Las Vegas, Elizabeth Gonzales, and an unsuccessful attempt by LVS to have the judge taken off the case.
There were also some startling revelations on how LVS operations in Asia were handled, which attracted the attention of the authorities and resulted in LVS paying hefty multi-million dollar state and federal regulatory fines.