Wynn Resorts shareholders have been awarded a $41m in a lawsuit settlement in connection with allegations of sexual misconduct against their former CEO Steve Wynn.
Following the allegations of sexual misconduct, shareholders had been filing a lawsuit against the gambling and hospitality giant after the allegations were first reported by the Wall Street Journal last year.
There were a total of eight lawsuits filed which accused the board members of”disregarding a sustained pattern of sexual harassment and egregious misconduct” by Wynn.
As per the settlement, Wynn Resorts will receive $21m from insurance carriers and $20m from Steve Wynn himself.
A statement released by Wynn Resorts said: “Neither the company nor its current or former directors and officers were found to have committed any wrongdoing in connection with the settlement.”
Wynn Resorts has already been fined by Nevada Gaming Commission $20 million.
Steve Wynn has said that he cannot be held responsible for the allegations of sexual harassment against him. Wynn claims that because he is no longer associated with the company Nevada Gaming Commission has no right to penalize him.
Demanding that the lawsuit filed against him by the Nevada Gaming Commission be canceled, Wynn said that he no longer holds any financial interest in Wynn Resorts.
Former casino boss Steve Wynn has claimed that he cannot be held responsible for sexual harassment claims against him because he’s quite the gaming industry and is no longer legally tied to the company that bears his name.