![]() In court filings, Colonial Downs in previous negotiations prior to the lawsuit had sought an 11% rate, while Youbet had countered with a 3% rate. ![]() Peter Burnett, chairman of the Virginia Racing Commission, which later intervened in the lawsuit, said that the settlement also included an agreement from Youbet that it would pay an estimated source-market fee of approximately 7.84%, which was based on previous handle figures compiled by the company in the state. Additionally, the settlement agreement includes a promise from the company that it would "refresh" its application for a Virginia license. In a US Securities and Exchange Commission filing, the company stated that it had resolved the lawsuit and a settlement had been reached in which it would pay $150,000, ending all claims. The plaintiffs sought hundreds of thousands of dollars in lost source-market fees in compensation, among other damages. Plaintiffs allege that the company had operated illegally without a license in the commonwealth. ![]() Fremont, VA: (Mar-04-08) A group of plaintiffs associated with Virginia racing, including Colonial Downs and the Virginia Horsemen's Benevolent Protective Association, brought a federal lawsuit against.
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