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Steve Wynn Agreed to Pay Half of $41 Million with Pension Funds over Sex Allegations

Wynn Resorts, Limited (NASDAQ:WYNN) agreed Wednesday to accept $41 million from the former CEO and chairman Steve Wynn over sex allegations.

The insurance carriers as part of a settlement stemming from shareholder lawsuits accusing the company directors of failing to reveal the casino mogul’s alleged pattern of sexual misconduct. The ongoing settlement is subject to approval of a judge in Las Vegas.

Wynn Resorts, Limited (NASDAQ:WYNN) would pay $20 million in damages, while remaining $21 million will come from the insurance carriers on behalf of current and former employees of Wynn, the company said.

 

But Wynn Resorts, Limited (NASDAQ:WYNN) has denied all the allegations of misconduct. Steve Wynn resigned from the casino company in February 2018.

 

Wynn said in a statement late on Wednesday, November 27, 2019, that neither the company nor its current or former directors or the officers were found to have committed any kind of wrongdoing in connection with the pending settlement that is concerning the multiple public pension funds.

“We filed our lawsuit in response to serious and repeated allegations of sexual misconduct by Steve Wynn and the prior board’s alleged failure to stop it,” said New York Comptroller Thomas DiNapoli, who is in charge of that state’s $209 billion retirement fund. He said it holds shares in Wynn Resorts with an estimated value of $23 million.

 

“We are gratified that the reforms in this agreement and those undertaken following the initiation of our lawsuit will protect Wynn resorts employees and shareholders against future harm,” he said Wednesday.

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