Disgraced casino mogul Steve Wynn will pay $20 million to Wynn Resorts, the gambling empire he created, as part of a deal to settle investor lawsuits over his alleged pattern of sexual misconduct.
The settlement reached this week totaled $41 million including an additional payment from insurance carriers over shareholder suits that accused company directors of turning a blind eye to 77-year-old Wynn’s years of alleged misconduct.
“Neither the company nor its current or former directors and officers were found to have committed any wrongdoing in connection with the settlement,” the casino company said in a statement.
Wynn shareholders filed the suits last year, arguing that public reports of multiple female employees accusing Wynn of forcing them to have sex devalued the company’s stock.
Wynn, who has denied all allegations of sexual misconduct, resigned from the company in February 2018 and sold his entire stake in the company, worth $2.1 billion at the time, a month later.
The Wednesday settlement, which is subject to the approval of a Las Vegas judge, also credits Wynn Resorts with $49 million for corporate-governance advances since the suits’ filing, bringing the total value of the truce to $90 million.
These include bylaw amendments that separate the role of the chairman and CEO and require a majority vote of the shareholders for the election or reelection of directors.
Source: NEW YORK POST