Wynn Resorts settles claims over pension funds
Wynn Resorts founder and former CEO Steve Wynn will have to supply most of the money
Wynn Resorts has found itself at the center of comments and accusations towards the founder and former CEO Steve Wynn, and a new settlement was just signed. A total of $41 million is the amount that Wynn will pay back to the company in response to several lawsuits that were filed recently and also accused management staff of hiding relevant information about the allegations Wynn was facing for sexual misconduct.
During a statement given by the company yesterday, it confirmed that neither current nor former executives had committed any transgressions connected to this settlement that involves the public pension funds issue. A judge in Las Vegas is yet to approve this proposal. From the $41 million, $20 will come from Wynn’s pocket and $21 million from his insurance carriers, acting on behalf of both former and current Wynn employees, according to the company. At the moment the allegations were made public, Wynn denied all accusations, but shortly after resigned his position back in February 2018.
Based on the several lawsuits coming from shareholders, there was one consolidated case presented to the Clark County District Court in Las Vegas since 2018. Among shareholders, municipal workers and the New York pension fund, and anyone with important funds within Wynn’s pension plan, all were able to participate in the lawsuit. One of the points this suit highlights is that some directors within the company knew about the constant sexual advances and offenses the former chairman made, and didn’t do anything in favor of disclosing these allegations to the public.