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Steve Wynn not getting severance pay after resignation

Wynn shareholders also file lawsuit
Posted at 10:05 AM, Feb 16, 2018
and last updated 2018-02-16 20:42:58-05

Steve Wynn will not be getting severance pay following his resignation from Wynn Resorts earlier this month.

RELATED: Las Vegas police receive two reports of sexual misconduct by Steve Wynn

According to a document filed Feb. 15 with the U.S. Securities and Exchange Commission and signed by new Wynn Resorts CEO Matthew Maddox, Wynn will not receive any other compensation. He also cannot be involved with a competing company for two years.

The separation agreement also notes that Wynn must leave his residence at Wynn Las Vegas by June 1 and pay fair market rent until that date. Wynn can terminate the lease before that date. 

Wnny wll also cease to have administrative support after May 31 and health insurance through the company after Dec. 31, according to the document. 

Wynn's employment with Wynn Resorts began on Oct. 4, 2002 and ended on Feb. 6, 2018. He resigned following allegations of sexual misconduct. Wynn has denied the allegations. 

The document also acknowledges that Wynn agrees to cooperate with Wynn Resorts Board of Directors investigation into his time at the company. The board announced prior to his resignation that they were looking into the allegations. 

Also Feb. 15,  the Pennsylvania-based Operating Engineers Construction Industry and Miscellaneous Pension Fund, a group of Wynn Resorts shareholders, filed a lawsuit.

Wynn, the board of directors of Wynn Resorts and the company's general counsel are listed as defendants. The shareholders accuse them of breaching their fiduciary duties.

The shareholders argue that the company's "unwaveringly loyal" board "turned a blind eye to reports of sexual harassment and coercion."

They claim that the board "through its action and inaction" allowed Wynn "to repeatedly coerce his female employees in sexual conduct."

The Associated Press contributed to this report.