Richmond-based Great Canadian Gaming Corp. (TSX:GC) has announced that it has settled a long-standing dispute with a former Ontario-based consultant for $11 million.
According to a company release, the dispute arose in 2007 when Great Canadian terminated a consulting agreement it had entered into as part of the 2005 acquisition of the company's Georgian Downs subsidiary.
"The settlement of this dispute permits the company's management to focus on managing the businesses and to cease incurring the ongoing legal fees and other costs associated with the dispute," the company statement reads.
Great Canadian said it will expense the $11 million settlement during its second quarter. The company added that the settlement's after-tax impact on the company will be a $8.3 million hit to net earnings.
