Billionaire Sheldon Adelson's casino company is settling a long-running U.S. lawsuit with the former head of its Chinese arm, the company said Wednesday.

The Sands Casino and Hotel is imploded to make way for a new Pinnacle Entertainment casino October 18, 2007 in Atlantic City, New Jersey. (Photo by William Thomas Cain/Getty Images)

Macau-based Sands China said it has "reached a comprehensive and confidential settlement" with Steven Jacobs, the company's former CEO.

Jacobs launched a wrongful termination case in 2010, alleging that he was fired in order to cover up illegal activities committed by the company as it developed its lucrative business interests in Macau, a booming Chinese gambling enclave near Hong Kong.

Jury selection for the case, which has been delayed by a dozen pre-trial issues, had been set to begin June 27.

The company had also tried unsuccessfully last month to remove the Nevada state court judge presiding from the case, with its lawyers arguing that there was a conflict of interest.

Adelson's company, Las Vegas Sands Corp., owns 70 percent of Sands China, which operates four casinos in Macau, the world's top gambling market.

The brief announcement filed with the Hong Kong stock exchange said Jacobs dismissed all claims in Nevada state and federal court against Las Vegas Sands, Sands China and its subsidiary Venetian Macau, and Adelson.

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