MGM Grand Investors Try Again In Room Rental Action

Law360, New York (June 22, 2011, 4:03 PM EDT) -- Investors in condo-hotel units at the Signature at MGM Grand in Las Vegas filed a new putative class action against the hotel’s operator Tuesday, alleging securities fraud after undisclosed fees left them with only about half the revenue they had been promised.

The suit against Turnberry/MGM Grand Towers LLC and other defendants accuses the entertainment, gaming and hospitality operator of leading investors to believe they would take home 60 percent of revenues from the rental of their units, but giving them about 33 percent after fees...
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