The New York State Common Retirement Fund, Albany, and the New York City Retirement Systems were designated as co-lead plaintiffs in a consolidated lawsuit accusing Wynn Resorts and several current and former officers of breach of fiduciary duty.
The designation was made by Joe Hardy Jr., a Clark County (Nev.) District Court judge, according to a news release issued Monday by Thomas DiNapoli, the New York State comptroller and sole trustee of the $209.1 billion New York state pension fund. Clark County is the location of Las Vegas-based Wynn Resorts.
The New York state and city pension funds sued Wynn Resorts in March. Others, including the $74.9 billion Oregon Public Employees Retirement System, Salem, have sued as well. The New York pension funds argued that Wynn Resorts' directors breached their fiduciary duty by failing to act on knowledge that former Chairman and CEO Stephen Wynn made unwanted sexual advances to employees, the news release said.
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The New York State Common Retirement Fund and the New York City Pension Funds are represented in this action by Cohen Milstein Sellers & Toll PLLC.