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Online Casino Suits Costly

In the world of high finance, high stakes betting and private equity companies there is often a whole lot of money on the table during negotiations and deals. That sheer amount of money that is in play in regards to the online casinos is one of the key reasons that politicians and interest groups so strongly fear a full and flourishing internet gambling market. The newest lawsuits to take place within the internet gambling industry concern two big names within gambling circles, the former CEOs of Party Gaming and Betfair have both announced a whopping GBP 6 million lawsuit against the well respected and longstanding 3i private equity company.

Both of the former CEOs, Richard Segal and Stephen Hill have had a whole lot of experience within the world of online casinos and negotiated top deals as the heads of their respective internet gambling groups. Once they both left the world of the online casino industry though they were asked to run a small fund for 3i worth about 400 million and investing in equities on the smaller scale. The part were taken on as consultants for this project and were alleged promised certain incentives for running the fund – at least until 3i announced plans to shut down the fund and let the pair know that they would not be receiving some of the promised performance based payouts.

This is a big no-no in the investing world and these two former online casino gambling executives are ready to take the case to the courts. Within the case each former fund consultant for 3i claims that 3i now owes them GBP 3.06 million in lost wages and earned bonus payouts.