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U.S. NEWS Friday 29 November 2019

Wynn Resorts settles with pension funds over sex allegations

By SCOTT SONNER and MA- behalf of current and for- ed sexual advances on
RINA VILLENEUVE mer employees of Wynn employees and pressured
Associated Press Resorts, the company said. them to perform sex acts,
RENO, Nev. (AP) — Wynn Wynn has denied all alle- but did not disclose the al-
Resorts agreed Wednes- gations of misconduct. He leged pattern of sexual mis-
day to accept $41 million resigned from the casino conduct.
from former CEO and chair- company in February 2018. In addition to The New York
man Steve Wynn and insur- Wynn Resorts said the set- State Common Retirement
ance carriers as part of a tlement reached Wednes- Fund, other plaintiffs includ-
settlement stemming from day afternoon credits the ed an operating engineers'
shareholder lawsuits accus- company with $49 million construction pension fund
ing company directors of for changes made since in Pennsylvania and munic-
failing to disclose the casi- then, including new poli- ipal firefighters in California.
no mogul's alleged pattern cies to protect workers and "We filed our lawsuit in re-
of sexual misconduct. realignment of the board sponse to serious and re-
Neither the company nor of directors with eight inde- peated allegations of sex-
its current or former direc- pendent members, includ- ual misconduct by Steve
tors or officers were found ing four women. Wynn and the prior board's
to have committed any Multiple shareholder law- alleged failure to stop it,"
wrongdoing in connection suits — consolidated into a said New York Comptroller
with the pending settle- single case in Clark County Thomas DiNapoli, who is in
ment involving multiple District Court in Las Vegas charge of that state's $209
public pension funds, the — were filed in 2018 on be- billion retirement fund. He
company said in a state- half of the New York pub- said it holds shares in Wynn
ment late Wednesday. lic pension fund and mu- Resorts with an estimated In this March 15, 2018 file photo, casino mogul Steve Wynn is
The deal is subject to ap- nicipal workers and others value of $23 million. seen during a news conference in Medford, Mass.
proval of a judge in Las Ve- elsewhere over their invest- "We are gratified that the Associated Press
gas. ments in Wynn Resorts. reforms in this agreement
Wynn would pay $20 mil- They alleged some officers and those undertaken fol- shareholders against future core Boston Harbor in Mas-
lion in damages while an- and directors knew the lowing the initiation of our harm," he said Wednesday. sachusetts, Wynn Macau
other $21 million will come company's founder and lawsuit will protect Wynn Wynn Resorts owns and op- and Wynn Palace, Cotai in
from insurance carriers on chairman made unwant- resorts employees and erates Wynn Las Vegas, En- Macau.q