Current Capital’s Jonathan Foster Retained as Expert Witness on behalf of Elaine Wynn in Corporate Governance Matter Against Wynn Resorts and Ex-Husband, Steve Wynn
Wall Street Journal (April 2018) – Former Wynn Resorts Ltd. CEO Steve Wynn has settled all remaining claims in a long-running lawsuit centered on a since-dissolved shareholders’ agreement with his ex-wife, Elaine Wynn.
Wynn Resorts also said Monday that Ms. Wynn had agreed to release the company and its general counsel, Kim Sinatra, from claims involving breach of contract.
Neither Wynn Resorts nor Ms. Sinatra paid any money to Ms. Wynn, the company said.
As part of the settlement, Mr. Wynn paid Ms. Wynn a sum, according to people familiar with the matter. They didn’t disclose the figure. “I am pleased this litigation has now been resolved,” Ms. Wynn said. A lawyer for Mr. Wynn said he was happy “to put all of the personal unpleasantness” between him and his ex-wife behind him.
The settlement ends a six-year legal battle in Nevada court involving Mr. Wynn, Ms. Wynn and a former business partner, Universal Entertainment Corp. 6425 -2.07% A shareholders’ agreement dating to 2010 had prohibited any of the parties from selling shares without the permission of the others.
Among the issues in the complex legal drama was a desire by Ms. Wynn—who recently became the company’s largest shareholder—to get out of the agreement and gain the ability to control her shares.
Over the past few months, in the wake of a Wall Street Journal article in January that detailed allegations of a decades long pattern of sexual misconduct by Mr. Wynn toward employees, the company and Mr. Wynn have made a series of moves to settle the litigation.