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Gaming Guru
Shareholder lawsuit against Wynn Resorts dismissed11 October 2012
The Louisiana Municipal Police Employees' Retirement System brought the case in March, questioning the legality of the company's $135 million donation last year to the University of Macau and terms imposed when former 20 percent shareholder Kazuo Okada's stake was forcibly redeemed in February. The lawsuit, styled as a shareholder derivative action brought on behalf of the company against errant directors, claimed the moves had damaged the company. Mahan threw out the case after the shareholders missed an Oct. 1 deadline to respond to dismissal motions filed by the directors in mid-September. Major shareholder and director Elaine Wynn, the ex-wife of chairman and CEO Steve Wynn, filed separate papers that supported the rest of the board. Copyright GamingWire. All rights reserved. Recent Articles
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