The 9th Circuit Court of Appeals has upheld the dismissal of a lawsuit against Wynn Resorts board members concerning the donation of $135 million to the University of Macau Development Foundation in 2011.
The lawsuit was filed in 2012 by the Louisiana Municipal Police Employees’ Retirement System, a shareholder of Wynn Resorts.
The lawsuit alleged that Wynn’s subsidiary, Wynn Macau’s pledge to the University of Macau in China was unprecedented, noting that the chancellor of the University of Macau was also the head of Macau’s government, with oversight of gaming matters.
The filing asked not only for financial damages but a stop to any further donations to the University of Macau.
According to local media, in its ruling, the appeals court panel said the shareholders had to give sufficiently particularized allegations to support an inference that a majority of the board lacked independence. But the appeals court rejected the claims by the shareholder, finding that the allegations were inadequate to show a lack of independence by the members of the board.
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