Wynn Resorts to pay $2.6 billion to settle lawsuit with Japan's Universal

Wynn Resorts Ltd has agreed to pay $2.6 billion to settle a lawsuit brought by Japan's Universal Entertainment Corp and its U.S. unit, ending a six-year old dispute that pitted casino mogul Steve Wynn against hi

The size of the compensation was lower than market expectations and sent shares in Universal, a maker of Japanese-style slot machines and the operator of a casino in the Philippines, plunging 16 percent in Thursday trade in Tokyo.

The lawsuit relates to Wynn Resorts' 2012 forced redemption of a stake held by Universal's unit Aruze USA at a 30 percent discount after an internal investigation by former FBI director Louis Freeh alleged Okada had violated U.S. anti-corruption laws.

Universal accused Wynn Resorts' board of breaching its fiduciary duties and violating racketeering laws by voting to redeem the shares.

Source: Yahoo