Great Canadian Gaming Corp. (GC.TO: Quote) announced that it has settled dispute with a former Ontario-based consultant. The total cash payment the company will make related to the settlement is $11.0 million.
The dispute arose in 2007 from the termination of a consulting agreement entered into as part of the 2005 acquisition of the company's Georgian Downs subsidiary.
The after-tax effect of the settlement to Great Canadian Gaming Corp. will be a reduction to the second quarter's net earnings of approximately $8.3 million.
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by RTT Staff Writer
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