Gaming Lottery Settles

The securities class action against Gaming Lottery Corp., pending in the S.D.N.Y. since 1996, has been preliminarily settled for $1 million (or about 7 cents per damaged share before the deduction of litigation expenses). Plaintiffs allege that the company engaged in misrepresentations concerning its acquisition and operation of Special Manufacturing Inc. In the spirit of the holiday season, the notice of proposed settlement states that plaintiffs’ counsel have declined to apply for any attorneys’ fees.

Quote of note: “Plaintiffs’ Counsel are NOT applying for any attorneys’ fees. Plaintiffs’ Counsel do intend to request the Court to approve a payment to Plaintiffs’ Counsel of $90,000 for reimbursement of expenses incurred in connection with the prosecution of this Action, which is less than 23% of the over $400,000 of expenses actually incurred.”

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