Wynn Agrees to $70 Million Settlement in Worker Abuse Suit (1)

Wynn Resorts Ltd. and certain former executives have agreed to pay $70 million to settle a class action accusing the company of securities fraud related to sexual misconduct allegations against founder Steve Wynn, according to a court filing.

The settlement followed over six years of litigation and two mediation sessions, the motion said. The plaintiffs were concerned that the defendants would have an opportunity to eliminate a portion of the class period, and reduce the maximum potential recoverable damages if the case had continued, the motion said.

Class representatives filed the unopposed motion for preliminary approval of the settlement with ...