According to the docket posted, on May 4, 2001, the Court entered the Order granting the motion for preliminary approval of the settlement and certification of the class. That same day, the Court entered the Summary of Notice of Class Action, Proposed Settlement, and Settlement Hearing. The proposed Settlement of the litigation was in the amount of $9,000,000. On August 17, 2001, the Court entered the Final Judgment by John R. Tunheim. The Court approved the settlement set forth in the settlement agreement and the case was terminated.
Earlier, on March 30, 2000, the Court entered the Memorandum, Opinion, and Order granting in part and denying in part the defendants’ motion for summary judgment. The defendants' motion was granted with regard to the members of plaintiffs' putative
class who did not purchase Grand common stock during the period from December
19, 1995 through June 6, 1996, inclusive, and their claims were dismissed
with prejudice. The defendants’ motion was denied in all other respects.
In December 1997, the court granted the Company's motion to dismiss in part, and denied the motion in part. Thus, the plaintiffs pursued the claims in the consolidated complaint that survived the Company's motion to dismiss.
In re Grand Casinos, Inc. Securities Litigation was filed in the United States District Court for the District of Minnesota. The action constitutes a consolidation of two
previously filed complaints initiated by individual shareholders. The consolidated complaint purports to seek relief on behalf of two classes of plaintiffs. The first class consists of individuals who purchased common stock of the Company during the period from December 19, 1995 through July 22, 1996. The second class consists of individuals who purchased common stock of the Company during the period from February 14, 1996 through February 22, 1996. The complaint alleges that the defendants violated Federal securities laws by making misrepresentations and engaging in proscribed trading activity.