Vegas Retirees Say Payouts Are No Jackpot

Law360, New York (July 2, 2007, 12:00 AM EDT) -- Nine former employees of the Mandalay Resort Group have filed lawsuits against MGM Mirage and Mandalay over their termination of an executive retirement plan.

The former employees filed two lawsuits Saturday in a Nevada federal court accusing MGM Mirage and Mandalay of devaluing their retirement plan by distributing their benefits in a lump payment instead of through annuity payouts. The lawsuits follow two similar suits filed the last two years over the lump payments.

The suits revolve around Mandalay's Supplement Executive Retirement Plan, which was terminated...
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