Wynn Resorts is a casino developer that is the topic of many discussions for the recent couple of months as the web of happenings becomes progressively more complex. The latest decision of the company’s former Chief Executive Officer was to put all legal proceedings involving him and his ex-wife Elaine Wynn to rest.
Everyone interested in the casino industry on a global scale is already well-acquainted with the turmoil which took over the casino developer at the beginning of February. Back then several revelations made it clear that the then-CEO of the company has allegedly subjected some of his female employees to sexual harassment. Shortly after that it also became known that there was hush money involved as well since some of the employees claimed that they would like to have their side of the story heard too and potentially help other women in this position.
Alongside these scandalous revelations, there was also another topic of discussion, this time involving Mr. Wynn’s ex-wife Elaine Wynn. There was a report that he has made the decision to give up control over Elaine Wynn’s shares at Wynn Resorts. Mr. Wynn’s former wife had about 9.4 percent of the overall shares of the company to her name and ever since the resignation of Mr. Wynn there have been speculations as to what is going to happen to her share in the company, as it has the potential to affect the operation of the company.
Stockholders Agreement Alleged Infringement
It could be recalled that for the last more than five years Mr. Wynn and his ex-wife have been in a legal feud over the said amount of shares, but this will soon come to an end. According to the most recent information regarding the issue, the two parties involved in the legal feud have reached a mutual agreement and put the previous claims to rest. It could be recalled that Ms. Wynn had stated in the past that Mr. Wynn had violated the arrangement they had which goes by the name of Stockholders Agreement.
The claims which sparked the litigation between the two of them allegedly took place back in 2012. Then the co-founder of the casino brand Kazuo Okada was dismissed from the structure of the company and this subsequently led to Ms. Wynn’s claim that the original agreement should no longer be considered a valid document. The said agreement was what led to Ms. Wynn’s ownership of a 9-percent stake in the company, but also a legal feud. With their decision to settle the dispute between them, the put an end to a long-winded legal battle.
In addition to that Ms. Wynn also decided to put an end to another problematic situation, involving her claims against Wynn Resorts and Kim Sinatra which is also related to Mr. Wynn supposed infringement of the same agreement. It should be taken into account also that no payments have been made in the process of settling of the dispute.
