A Wynn Resorts shareholder is suing the company and recently departed CEO Steve Wynn as sexual misconduct allegations continue dogging the casino bigwig.
Lawyers for Norfolk County Retirement System accuse the board of directors of ignoring the alleged misdeeds, news of which have caused financial losses for the gambling powerhouse.
The 42-page derivative lawsuit was filed in Clark County District Court late Tuesday, around the same time Wynn announced hed step down from the company he established.
Wynn knowingly and intentionally breached his fiduciary duties by engaging in a pattern of intentional egregious misconduct and violations of law involving Wynn Resorts, the Massachusetts-based pension fund alleged in its suit.
Casino mogul Steve Wynn resigns from Wynn Resorts
The shareholder is seeking an unspecified amount in damages for what it says was a breach of trust by Wynn, top executive Kimmarie Sinatra and nine members of the board of directors.
The suit cites a Wall Street Journal report last week that Wynn repeatedly acted improperly notably a $7.5 million settlement he reached in 2005 with a manicurist.
Board members, the lawsuit charges, kept giving the green light to gaming license applications that concealed Wynns alleged misdeeds to authorities.
Wynn who owns a 12% stake in the resorts company worth about $2.4 billion has denied the claims against him.
Wynn reportedly wanted grandma sex so he could see how it feels
The pension funds lawsuit also alleges nine of the board members named in the suit held close relationships with Wynn implying they couldnt act free of the 76-year-old tycoons will.
A spokesman for the company didnt immediately return a request for comment.