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Adelson Settles Suit with Former Las Vegas Sands Executive

Las Vegas Sands owner Sheldon Adelson has settled the lawsuit filed against him by a former executive who fronted the company's Macau business and was fired after he stopped money laundering from being conducted.

The settlement between Adelson and former executive Steven Jacobs is confidential, and the case had generated headlines as there was a lengthy six year battle over where a trial would be held. Adelson suffered numerous setbacks in the case, as he wanted to have the case heard in Macau, but it was eventually decided that the case would be heard in Nevada. Additionally, Jacobs' dispute resulted in an SEC investigation, which saw Sands paying out $9 million to settle.

For his part, Adelson claimed that Jacobs was fired for being incompetent.

No comment from either party was available as of press time, and it is likely that we won't ever hear any details given the confidentiality clause.

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bgsharpe
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1 June 2016 - 10:18pm
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Yeah I've heard about this story before and I think it's quite controversial but I guess 9 million could shut any mouth.

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