MGM Can't Escape Investor Suit Over Vegas Development

Law360, New York (September 27, 2013, 6:31 PM EDT) -- A Nevada federal judge on Friday rebuffed a bid by MGM Resorts International and top executives to toss an investor suit over losses from an allegedly troubled $9 billion Las Vegas development, finding investors adequately contend that MGM misled them about its financial health and the project’s status.

U.S. District Judge Gloria M. Navarro ruled the plaintiffs have met their pleading requirements in alleging that MGM deceived the proposed class about the company’s flexibility and optionality with respect to financing for its CityCenter development.

Furthermore, the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.