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Wynn Resorts will pay $70 million to settle investor lawsuit
After six years, Wynn Resorts announced its payout of $70 million to settle an investor lawsuit.
Wynn Resorts, Limited, simply known as Wynn Resorts, is an American publicly traded corporation based in Paradise, Nevada. The company was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn. Currently, the company operates six properties.
After six long years, on Wednesday, September 18, Wynn Resorts agreed to settle a class action lawsuit involving former CEO Steve Wynn and its other top executives. The company settled for $70 million in Nevada federal court.
Previously, investors had accused the company of covering up sexual misconduct allegations, leading to misleading financial information between 2016 and 2018.
Still pending the court’s approval, this settlement promises to put an end to the legal battle that started in 2018.
The plaintiffs’ attorneys stated:
“While Plaintiffs are confident in the merits of their claims, the Settlement provides certain, immediate recovery. In contrast, continuing litigation would have inherent risks, including the risk of a diminished recovery or no recovery at all.”
Earlier this month, in a separate case, Wynn Resorts agreed to a $130 million settlement with the Department of Justice (DOJ) over financial misconduct allegations.
Under the terms of the NPA, Wynn Las Vegas would officially admit that it allowed unlicensed financial transactions, which are regulatory violations. The mentioned amount of $130 million is not a penalty or fine; it is the same amount that is involved in the case.
FAQs
What does Wynn Resorts do?
Wynn Resorts is a luxury hotel and casino company founded by Steve Wynn.
Why did investors file a lawsuit against Wynn Resorts?
Investors filed a lawsuit against Wynn Resorts as they claimed that Wynn Resorts concealed sexual misconduct allegations against key executives, including Steve Wynn. This led to misleading financial information, which affected investor decisions.
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