NACD - National Association of Corporate Directors

Oregon Files Lawsuit Against Steve Wynn and Wynn Resorts After Allegations of Sexual Abuse

"Oregon State Treasurer Tobias Read and Attorney General Ellen Rosenblum announced Wednesday a lawsuit against Steve Wynn and the board of directors of Wynn Resorts for breaches of fiduciary duty," states the Portland Business Journal (March 7, Duffy). Through its Public Employees Retirement Fund, the state had invested in Wynn Resorts. As of the end of this past November, the Public Employees Retirement Fund held more than 8,500 shares of Wynn Resorts worth $1.3 million. "The Oregon shareholder lawsuit claims that the company failed to investigate allegations of sexual abuse and harassment by former Chairman and CEO Steve Wynn, causing damage to the company and to long-term shareholder value," reports the publication.  Filed Tuesday in District Court in Clark County, Nev., the civil case also cites millions of dollars in unjust enrichment to company leadership.

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