Jockeys’ Guild settles lawsuit with former head
LOUISVILLE, Ky. — The Jockeys’ Guild and its one-time head have settled a long-running legal dispute, a key step toward allowing the organization to emerge from bankruptcy proceedings.
The settlement filed Friday between the Kentucky-based group and former CEO Wayne Gertmenian calls for the parties to split $104,000 being held by a California court.
The Guild filed for bankruptcy protection in 2007 due to financial problems from its health insurance plan, litigation and shrinking payments from racetrack associations.
Gertmenian was fired in November 2005 after a Congressional inquiry found he allowed the jockeys’ on-track insurance policy to lapse. The Guild, which represents about 1,200 jockeys, sued Gertmenian, claiming he took more than $1 million from the organization.
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