Las Vegas Sands, Jacobs, and the $68 million question

Las Vegas Sands lost its motions to dismiss Tuesday in District Court in Steven Jacobs' wrongful termination lawsuit, but Sands China attorney Patricia Glaser worked hard to explain the company's practice of assisting casino customers with the movement of funds in their gambling accounts between Sands resorts in Macau and Las Vegas.

In court filings, former Sands Macau executive Jacobs outlined a series of transfers totaling approximately $68 million. Glaser argued the practice is legal and ethical я and certainly not something "couriered," as Jacobs suggested.

And, once again for the record, she said no cash was transferred.

"It's interesting to note Jacobs' attorney Don Campbell said the transfer practice made the company appear to be acting as a bank.

Banks in the U.S. operate under a strict set of federal laws. Banks, for instance, must make a good faith attempt to know the identity of their customers.

Campbell used the $68 million question to help make his jurisdiction argument.

"This wasn't just one transfer," Campbell said. "These transfers were placed over a period of three years. By any definition, I believe that constitutes consistent, ongoing behavior of a significant nature here in Las Vegas, Nevada."

 Glaser seized the moment to argue Jacobs lied in his court filings when he said the money was "couriered."

"There's nothing nefarious about it ..." Glaser said. "There's nothing improper about it. And most importantly, it doesn't provide a basis for jurisdiction. We don't run away form this. This doesn't establish jurisdiction, and the case law doesn't say it does."

The Glaser-Campbell skirmish provided an exclamation point in an otherwise pretty ordinary hearing, which was covered by several representatives of national media outlets.

LVSC attorney Stephen Peek had the unenviable task of attempting to argue Jacobs, all facts and a W-2 to the contrary, wasn't really a LVSC employee.

Sands attorneys promise to appeal.