Casino giant MGM Resorts told federal regulators Thursday it might pay up to $800 million to settle liability lawsuits stemming from the 2017 mass shooting in Las Vegas.
“The company believes it is reasonably possible that a settlement will be reached” by next May, it told the Securities and Exchange Commission in a quarterly report.
MGM Resorts also said it has $751 million in insurance to pay toward a settlement.
However, a lawyer handling mediation talks for plaintiffs called it premature for the corporate owner of Mandalay Bay resort to report a possible settlement range between $735 million and $800 million.
“Not even close,” attorney Robert Eglet said about the amount.
He said he represents about 4,200 claimants, including those who have sued in Nevada, California and other states, and people who have not formally filed for damages.
“It’s true that a settlement is possible,” Eglet said. “But I will tell you it’s not probable. Nothing is signed. We have a long way to go before we have an agreement.”
Eglet said talks are ongoing with MGM Resorts attorneys, and that he was aware the company would make its report to the SEC.
Published at Fri, 17 May 2019 00:17:51 +0000