Steve Wynn will pay $20M to settle investor claims over sex scandals

Disgraced casino mogul Steve Wynn will pay $20 million to Wynn Resorts, the gambling empire he created, as part of a deal to se🍸ttle investor lawsuits over his allege🌺d 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 yeaꦇrs of 𝔍alleged misconduct.

“Neither the company nor its current or former directors and officers were found to have committed🎶 any wrongdoing in connection wit𓃲h 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 𝔉have 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 m🅷onth 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 millionꦇ.

These i𒉰nclude bylaw amendments that separate the rౠole of the chairman and CEO and require a majority vote of the shareholders for the election or reelection of directors.

Wynn Resorts also committed itself to populating its nine-member board with at least 50 percent women and minorities. Four wom𒅌en currently sit on the board.

New York State Comptroller Thomas P. DiNapoli and the New York City Retirement Systems and Pension Funds served as co-lead plaint🐻iffs on the derivative lawsuit — a legal action taken on behalf of a company when shareholders believe its offic🧔ers haven’t met their fiduciary duties.

“We are gratified that the reforms in this agreement and those undertaken following the initiatio𒀰n of our lawsuit will protect Wynn Resorts’ employees and shareholders against future harm,” DiNapoli said in a statement.

Wynn Resorts owns and operates Wyn♑n Las Vegas, Encore Boston Harbor in Massachusetts, Wynn Macau and Wy💦nn Palace, Cotai in Macau.