Breach Of Commission Agreement Claimed by US Company

An American merger and acquisition company called Fort Knox Consulting and the online gambling group, Gaming VC are entangled in a legal argument and seem destined for litigation following claims by the former regarding a 5 percent commission for M&A work.

Speculation is growing on the German-focused operator amid reports that CEO Steve Barlow resigned after being named, together with former director Scott Miller, in the Fort Knox suit which identifies them as individual defendants “based on alleged tortuous interference with the alleged agreement”. Gaming VC denies there is any direct link between the resignation of chief executive, Steve Barlow and the recently-filed lawsuit in the US.

The online casino operator has announced that Barlow is stepping down with immediate effect. He will, however, remain with the company as a non-executive director. Fort Knox Consulting filed suit in the state district court of Massachusetts alleging that Gaming VC failed to acknowledge an alleged agreement between the group and Fort Knox regarding a 5 percent commission for M&A work.

A company spokesperson said the law suit “was not the direct cause of the board change”. He added; “The share price has taken a hammering of late. Barlow is a major shareholder and he thought it was time for a change at the top.”

Fort Knox is seeking unspecified damages while a Gaming VC spokesman says it will “rigorously defend the suit”.

Back to Lastest Gambling News
Back to Gambling News Archive
Back to Gambling News - November 2006 Archive