Online Bookie Optimistic About Lawsuit - Tuesday 12th of April 2005

Online bookmaker International All Sports has told shareholders it's confident it can successfully defend a claim by the Commonwealth Bank that it should have known one of the bank's managers was stealing to feed his gambling habit.

"IAS has sent a letter to shareholders about the legal action taken by the bank in the Federal Court.

"???The bank is suing IAS for compensation and damages in relation to $17 million stolen from the bank by a former manager of the CBA's Karratha bank in Western Australia, Kim Faithfull.

"Mr Faithfull spent the money over five years on bets with IAS, mostly on thoroughbred and harness racing, but also on Australian Rules football.

"He is currently serving a five-year jail term???"

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