AP NEWS

The Latest: Shareholders in 2nd lawsuit against Wynn Resorts

February 16, 2018

LAS VEGAS (AP) — The Latest on the termination agreement announced Friday between casino mogul Steve Wynn and Wynn Resorts (all times local):

2:40 p.m.

A second group of Wynn Resorts shareholders has filed a lawsuit following the sexual misconduct allegations that surfaced last month against casino mogul Steve Wynn.

The lawsuit was filed Thursday in state court in Las Vegas by the Pennsylvania-based Operating Engineers Construction Industry and Miscellaneous Pension Fund.

Wynn, the board of directors of Wynn Resorts and the company’s general counsel are listed as defendants. The shareholders accuse them of breaching their fiduciary duties.

The shareholders argue that the company’s “unwaveringly loyal” board “turned a blind eye to reports of sexual harassment and coercion.”

They claim that the board “through its action and inaction” allowed Wynn “to repeatedly coerce his female employees in sexual conduct.”

Wynn resigned as chairman and CEO of the company earlier this month.

Las week, another group of shareholders sued Wynn and the board.

___

8:30 a.m.

A termination agreement between embattled casino mogul Steve Wynn and the company bearing his name shows that he won’t receive any compensation and can’t be involved in any competing gambling business for two years.

The terms of the agreement were released Friday by Wynn Resorts. Wynn resigned as CEO earlier this month amid sexual misconduct allegations.

The billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

As part of the agreement, Wynn also agreed to cooperate with any investigation or lawsuits involving his time with the company. He can have his attorney present. Wynn Resorts created a committee to investigate the sexual misconduct allegations.

As fallout from the allegations, Wynn also resigned as finance chairman of the Republican National Committee.

AP RADIO
Update hourly