In the Margins

Directors quit Wynn Resorts board amidst scandal, lawsuits

March 8, 2018

By The Associated Press

Two directors have quit the board of Las Vegas-based Wynn Resorts as lawsuits against its members and the company's founder continued to pile up amid a sexual misconduct scandal. The announcement Wednesday of the board changes came hours after the state of Oregon revealed it had sued gambling mogul Steve Wynn and the company's board of directors for allegedly failing to act in the best interests of shareholders and stop sexual misconduct at Wynn Resorts. Former company director Ray Irani and director Alvin Shoemaker are now named defendants in several lawsuits brought by shareholders, including Oregon, as well as current and former company employees. The shareholders accuse them and other board members of breaching their fiduciary duties by ignoring what their lawsuits described as a longstanding pattern of sexual abuse and harassment of company employees by Wynn. Read the original story from The Associated Press.

 

 

Most Read

Top of the Agenda - Governance
Directors: Focus on prospectus for ESG funds

Environmental, social, and governance investing has been a huge topic of discussion in the mutual fund industry over the past several years, including in fund boardrooms. ...