Board Members Resign As Suits Against Wynn Resorts Pile Up

By on March 16, 2018

March 16, 2018

Two members of the Wynn Resorts board resigned hours after the state of Oregon became the latest plaintiff to sue Las Vegas gambling mogul Steve Wynn and the company’s board, alleging that they failed to act in the best interests of shareholders and stop sexual misconduct at Wynn Resorts. Oregon alleges breaches of fiduciary duty that caused damage to the company and impaired long-term shareholder value. Last month, New York’s public pension fund filed a similar lawsuit. Oregon’s pension system holds 8,506 shares of Wynn Resorts worth $1.3 million. The suit claims the investment is suffering a loss because of misconduct and inaction. The directors who resigned, Ray Irani and Alvin Shoemaker, are defendants in several lawsuits including Oregon’s. The shareholders accuse them and other board members of breaching their fiduciary duties by ignoring what is described as a longstanding pattern of sexual abuse and harassment of company employees by Wynn.
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