Several current and former directors and executives of Wynn Resorts Ltd. have been sued by Thomas P. DiNapoli, the New York state comptroller, alleging breaches of fiduciary duty relating to allegations of misconduct by Stephen A. Wynn, the founder, former chairman and former CEO of the casino and hotel company.
Mr. DiNapoli filed suit as the sole trustee of the $209.1 billion New York State Common Retirement Fund, Albany. The pension fund held 183,800 shares of Wynn Resorts with an estimated value of $30.44 million as of Jan. 31, according to a Monday news release,
The pension fund filed suit Feb. 22 as a shareholder derivative action in a state district court in Las Vegas, the home of Wynn Resorts' corporate headquarters. This type of lawsuit is brought against company insiders by plaintiffs who allege their actions harmed the company. The filing was made in the Clark County (Nev.) District Court "because this action involves significant issues of Nevada corporate law," the lawsuit said.
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Cohen Milstein Sellers & Toll PLLC represents the New York State Common Retirement Fund in this derivative action.