AP NEWS

Wynn Resorts settles with pension fund after sex allegations

November 28, 2019

ALBANY, N.Y. (AP) — An official in charge of New York’s more than $200 billion public pension fund has announced a settlement with Wynn Resorts in response to 2018 sexual misconduct allegations against former company CEO Steve Wynn.

Comptroller Thomas DiNapoli (dee-NAP’-oh-lee) said Wednesday that Wynn will pay $20 million in damages while another $21 million will come from insurance carriers on behalf of current and former employees of Wynn Resorts.

The lawsuit alleged some officers and directors knew the company’s founder and chairman made unwanted sexual advances on employees and pressured them to perform sex acts. Wynn resigned from Wynn Resorts in 2018 and denies all allegations against him.

The state’s retirement fund holds shares in Wynn Resorts with an estimated value of about $23 million.

Wynn’s attorney didn’t immediately respond to request for comment Wednesday.