Wynn resorts, limited settles consolidated derivative lawsuit

Wynn resorts, limited announced a settlement in the consolidated derivative lawsuit (in re wynn resorts, limited derivative litigation) filed on behalf of the company. under the settlement, the company will receive $41 million ($20 million from steve wynn and $21 million from insurance carriers) less certain fees and costs associated with bringing the suit. neither the company nor its current or former directors and officers were found to have committed any wrongdoing in connection with the settlement. the settlement is subject to court approval. the settlement also credits wynn resorts with $49 million as a result of corporate governance enhancements undertaken after the filing of the lawsuit, and further enhancements agreed to by the company pursuant to the settlement. specifically, the company has agreed to: amend its bylaws to require the separation of the role of the chairman and ceo and require a majority vote of the shareholders for the election or reelection of directors except in the case of a proxy fight.
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