Wynn Loses Bid to Avoid Trial Over Okada's Stock Redemption
- Judge rejects Wynn’s argument Okada can’t challenge redemption
- Company isn’t shielded by business judgment rule, judge says
Wynn Macau casino resort
Photographer: Billy H.C. Kwok/Bloomberg
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Wynn Resorts Ltd. lost a bid to avoid a jury trial over the forced redemption of Kazuo Okada’s 20 percent stake in the casino operator.
A Nevada state court judge in Las Vegas rejected Wynn’s argument that a July decision by the state’s supreme court had “beheaded” the Japanese billionaire’s claims that the company’s board had illegally redeemed his shares in 2012.