WASHINGTON, March 8, 2018 /PRNewswire/ -- Buckley Sandler LLP represented Universal Entertainment Corporation and its subsidiary Aruze USA, Inc. in securing a $2.632 billion settlement that resolves a six-year lawsuit against Wynn Resorts, Limited. The settlement announced today will resolve all claims between Wynn Resorts, Universal, and Aruze.
The litigation stems from Universal and Aruze's challenge to Wynn Resorts' February 2012 forced redemption of 24.5 million shares of Wynn Resorts common stock held by Aruze, over alleged violations of the Foreign Corrupt Practices Act. Wynn Resorts purported to redeem those shares at a 30% discount to the stock's trading price at the time, payable by a 10-year promissory note with a face value of roughly $1.9 billion and bearing a 2% interest rate. Under the settlement, Wynn Resorts will pay a total of $2.632 billion by March 31.
"Today's outcome is tremendous for our client," said David S. Krakoff, a partner at Buckley Sandler who led the team that represented Universal. "It resolves long-running litigation on very favorable terms, and provides substantial resources for Universal to continue its international growth."
"This fantastic result in hard-fought, multibillion dollar litigation is the result of tireless effort by partners Laurie Randell, Adam Miller, Preston Burton, and Andrew Louis, as well as a dedicated team of counsel, associates, paralegals, legal tech, and support staff throughout the firm," said Benjamin B. Klubes, Buckley Sandler's co-managing partner, who worked on the matter with Mr. Krakoff.
Buckley Sandler has led the litigation against Wynn Resorts and its related parties for nearly four years with the assistance of local counsel, Kemp, Jones & Coulthard. The case has involved almost 100 depositions—many in Japanese—taken throughout the U.S., as well as in Tokyo and Hong Kong. The written discovery produced nearly seven million pages and hundreds of thousands of documents in both English and Japanese. During the course of the litigation, Buckley Sandler prevailed on Universal's behalf in a major discovery sanctions proceeding against Wynn Resorts. The parties during the litigation filed a dozen interlocutory appellate writ petitions in the Nevada Supreme Court, which held five arguments and issued three opinions on these matters. The claims had been set for trial on April 16, with the presiding judge preparing for a six-month trial.
For more information, please contact Todd Davenport by email at [email protected] or by phone at (202) 461-2906.
With more than 150 lawyers in Washington, D.C., Los Angeles, San Francisco, New York, Chicago and London, Buckley Sandler LLP offers premier enforcement, litigation, compliance, regulatory and transactional services to financial services institutions, as well as leading and early stage companies, joint ventures, private equity funds and individual clients throughout the world. "The best at what they do in the country." (Chambers USA)
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SOURCE Buckley Sandler LLP