The Las Vegas Sands Corp. Tuesday settled a six-year-long lawsuit filed by a former top executive of its Macau operations.
A confidential settlement was reached between Sands and Steven Jacobs, who headed the company’s China operations until being ousted in 2010.
The company’s China operation disclosed the settlement in a filing with the Stock Exchange of Hong Kong.
“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 Ltd., and Mr. Sheldon G. Adelson and released all claims as of that date,” the statement said.
Jacobs’ Las Vegas attorney Todd Bice confirmed that the settlement had been reached, but said because the terms of the agreement are confidential, he could not add further details. A Sands spokesman also confirmed the settlement, but had no further comment.
Click here to view the full article.