GAMING VC LEGAL HASSLES SETTLED

30 May 2008

But no details released


This week saw the end of a long-running legal suit brought against online gambling group Gaming VC Holdings SA by the U.S. company Fort Knox Consulting LLC in a Massachusetts District Court. The case was settled without disclosure of the terms.

The litigation has been running since late 2006 (see previous InfoPowa report), when the directors at Gaming VC were served with the law suit, which alleged that it had wrongfully failed to acknowledge an claimed agreement with Fort Knox whereby that company would receive a commission of 5 percent of the aggregate consideration for any joint venture, merger, acquisition, or stock or asset purchase or sale transaction with any of thirteen identified counterparties.

Fort Knox initially sought a declaratory judgement and unspecified damages for alleged breach of the implied covenant of good faith and fair dealing, and alleged violation of the Massachusetts unfair trade practices statute. It also named the then Gaming VC CEO, Steve Barlow, and former director Scott Miller as individual defendants based on alleged tortious interference with the alleged agreement. Gaming VC at that stage intended to "vigorously defend the suit."

In a separate statement the company subsequently announced that Barlow was standing down as chief executive by mutual agreement, but he would remain as a non-executive director on the board.

This week the company announced that it has put the lawsuit behind it by reaching a settlement with Fort Knox.

Online Casino News courtesy of InfoPowa