Tuesday, Oct. 17, 2006

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BetonSports Plc. reaches preliminary agreement to end U.S. litigation

By Sarah Polson

Betonsports Plc. has reached a preliminary agreement to end the case against it by the U.S. government which is seeking to stop the company from doing business in the nation. Neither side has disclosed terms of the agreement yet.

The company and the U.S. Department of Justice were given a week by U.S. District Judge Carol Jackson to complete an agreement to resolve the civil suit filed against the company in July. The company is facing charges for racketeering and fraud in the U.S.

BetonSports, Plc. is facing a 22-count indictment for allowing U.S. customers to gamble and place bets with their company via the phone and online. They are now prevented from operating in the United States, and the government was seeking to force them to give up $4.5 billion and other property.

The company closed its operations in the United States in August after the July arrest of its former chief executive, David Carruthers. The company also suspended trade on its stock in July.

Related articles:

BetonSports, Plc. Wants to Settle Racketeering, Fraud Case
Former BetonSports, Plc. Exec Out on Bail
Several Defendants Enter Not-Guilty Please in BetonSports, Plc. Case
Online Gambling Shares Drop with Federal Indictment News

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