Norfolk County Retirement System, Canton, Mass., filed a lawsuit against Wynn Resorts Ltd., as a result of its senior executives' alleged behavior, including its founder, chairman and CEO, Stephen A. Wynn.
The suit, filed in Clark County District Court in Las Vegas, alleges that Wynn Resorts, of which the $850 million pension plan is a stockholder, incurred losses "as a result of egregious breaches of fiduciary duty, abuses of fiduciary power and violations of law involving the company" committed by Mr. Wynn, as well as the company's senior vice president, general counsel and secretary, Kimmarie Sinatra, and the board.
"Mr. Wynn engaged in a pervasive pattern of egregious misconduct involving the company in his positions of leadership, and the company's general counsel and board of directors turned a blind eye," the suit alleges.
The lawsuit also contends that Mr. Wynn's "reported decades of sustained egregious misconduct ... has caused substantial losses and injury to the company, the value of the business and expansion projects and the continued operation and licensure of the company's core business," which constitute intentional breaches of fiduciary duties.
The suit does not seek any specified damages, but the pension fund wishes to take the matter to court.