Chinese Sports Lottery Biz Settles IPO Suit For $2.5M

Law360, New York (October 31, 2016, 1:43 PM EDT) -- China-based 500.com Ltd. and investors who filed a proposed class action against the online sports lottery service over its 2013 initial public offering in the United States told a California federal court on Friday that they had reached a $2.5 million settlement agreement.

The parties jointly asked U.S. District Judge John F. Walter to approve their proposed Sept. 12 class action settlement, saying that lead plaintiff Liu Shaolin and 500.com were able to come to an agreement and executed a stipulation of settlement after they participated in a May 19 mediation in Los Angeles before Jed D. Melnick, a managing partner...

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