SALEM, Ore. >> The state of Oregon has sued gambling mogul Steve Wynn and the board of directors of Wynn Resorts, alleging a failure to act in the best interests of shareholders and stop a pervasive pattern of sexual misconduct at the Las Vegas-based company.
Oregon Attorney General Ellen Rosenblum and Treasurer Tobias Read say the state’s pension system held 8,506 shares of company stock worth a total of $1.3 million.
The lawsuit filed Tuesday in Nevada alleges massive breaches of fiduciary duty that caused damage to the company and impaired long-term shareholder value. It follows similar lawsuits by New York and other shareholders.
Wynn has been accused of sexual misconduct and later resigned as chairman and CEO. He denies the allegations.
Wynn Resorts didn’t respond immediately to a request for comment.