Gambling Cos. Settle Shareholder Suit Over Merger

Law360, New York (August 25, 2006, 12:00 AM EDT) -- The Sands Regent and Herbst Gaming Inc. have agreed in principle to settle a putative shareholder class action lawsuit, sidestepping a complication to the companies’ merger.

The Sands Regent, operator of the Sands Regency hotel-casino in Reno, Nev., said Friday that the agreement was reached on Aug. 23 and is subject to the approval of a judge.

The Sands Regent said the companies would pay $345,000 to the plaintiffs’ counsel for their fees and expenses. The company said the termination fee for the merger would also...
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