Las Vegas Developer Settles $50M Suit With Shareholders

Law360, New York (September 10, 2012, 6:31 PM EDT) -- A New York state judge gave her preliminary blessing on Monday to a settlement of a $50 million shareholder derivative action accusing Nevada real estate developer FX Real Estate & Entertainment Inc. executives of hurting the company with a failed bankruptcy scheme and land deals. 

Under the terms of the settlement, an additional independent director will be appointed for the board of FXRE, now known as Circle Entertainment Inc., and plaintiffs will receive $970,000 to cover their costs and expenses. A final hearing is scheduled for...
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