Wynn Resorts settles lawsuit

Wynn Resorts has reached a US$41 million settlement in a lawsuit related to allegations against the company’s former CEO.

US.- Wynn Resorts has announced a settlement in a lawsuit filed on behalf of the company. The settlement establishes that Wynn will receive US$41 million as part of the lawsuits filed in February and November 2018.

After sexual misconduct allegations against Steve Wynn, former chairman and CEO of the company, shareholders of the company decided to file lawsuits against Wynn and the board of directors as they believed that the accusation devalued the stock.

The settlement also credits Wynn Resorts with US$49 million as a result of corporate governance enhancements undertaken after the filing of the lawsuit, and further enhancements agreed to by the company pursuant to the settlement.

Moreover, Wynn has agreed to amend its bylaws to require the separation of the role of the Chairman and CEO and require a majority vote of the shareholders for the election or reelection of directors except in the case of a proxy fight.

“Neither the Company nor its current or former directors and officers were found to have committed any wrongdoing in connection with the settlement. The settlement is subject to court approval,” said the company in a statement.