Crown Resorts (ASX:CWN) settles 2016 China marketing lawsuit for $125m

Crown Resorts (CWN) said it will settle a class action lawsuit that claimed failures related to the arrests of staff in China led to a major share price drop
The settlement for $125 million, which remains subject to Federal Court approval, was a “commercial decision”
Crown’s shares slid 14 per cent in 2016 after it confirmed that some of its staff in China had been detained for illegally promoting gambling trips to Macau
The settlement was made without admission of liability and Crown said it expects to recover a large portion of the payment from its insurers
Shares in Crown Resorts are down 1.19 per cent to $9.99

Source: https://themarketherald.com.au/crown-resorts-asxcwn-settles-2016-china-marketing-lawsuit-for-125m-2021-10-29/