Las Vegas Sands settles suit filed by former Macau CEO | Yogonet International
Wrongful termination lawsuit brought by Steve Jacobs had been set to go to trial in Nevada in September

Las Vegas Sands settles suit filed by former Macau CEO

Sands China said its parent Las Vegas Sands Corp has settled a lawsuit filed by a former chief executive, bringing an end to a near six-year legal battle.
2016-06-01
Macau
Reading time 1:12 min
Sands China said its parent Las Vegas Sands Corp has settled a lawsuit filed by a former chief executive, bringing an end to a near six-year legal battle.

Steve Jacobs, who led Sands' Macau operations from 2009 to 2010, had sued Las Vegas Sands in 2010 for breach of contract and wrongful termination, claiming he was fired in retaliation for complaining about its activities in the world's biggest gambling hub.

In a statement to the Hong Kong stock exchange, Sands China, Macau's largest casino operator by market value, said a comprehensive and confidential settlement had been reached in which Jacobs dropped all claims.

 

Jacobs had accused Sheldon Adelson of questionable activities, including instructing him to secretly investigate senior Macau officials

The Wall Street Journal reported Las Vegas Sands was to pay over $75 million to settle the suit, citing a person familiar with the matter. Ron Reese, a Sands' spokesman in Las Vegas, said he would not confirm the amount, nor provide settlement details.

The settlement comes after Las Vegas Sands in April paid a $9 million fine to end a U.S. Securities and Exchange Commission's probe into whether it violated U.S. federal anti-bribery laws.

"The company took a pragmatic approach in solving the case," said Richard Huang, a Hong Kong-based analyst at Nomura. "That is the same approach that the company took in handling the SEC investigation."

Jacobs had accused Adelson of questionable activities, including instructing him to secretly investigate senior Macau officials.
In testimony in a Las Vegas court last year, Adelson denied those accusations, saying Jacobs had fabricated the allegations. Las Vegas Sands had launched a motion in January to remove a judge from overseeing the Jacobs case, alleging doubts about her impartiality.

 

 

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