Jacktrade LLC agrees to settle dispute with Youbet.com

Nov 25, 2008 5:02 PM

by Ray Poirier | Las Vegas gaming developers known as Jacktrade LLC have agreed to settle a dispute with Youbet.com Inc. (UBET) and its subsidiary, International Racing Group (IRG), upon receipt of $2,252,000 in cash.

The dispute was related to consulting services Jacktrade provided to IRG.

With the cash payment, Jacktrade agreed to settle all existing disputes and claims relating to a stock purchase agreement dating back to 2005. Jacktrade relinquished their rights to 55,554 shares of Youbet’s common stock acquired by them in connection with their sale of the IRG business.

Jacktrade principals were identified as Louis J. Tavano, James Scott and Richard Tavano.