01:48 PM EDT, 09/19/2024 (MT Newswires) -- Wynn Resorts ( WYNN ) and some of its former executives agreed to a $70 million settlement in a class action lawsuit alleging the company breached federal securities laws by concealing sexual misconduct claims against former Chief Executive Steve Wynn, according to a court filing.

The settlement, which was reached after two mediation sessions and several phone calls, is now subject to court approval, the filing added.

Wynn Resorts ( WYNN ) told MT Newswires that the settlement of this "long-standing" case is in its benefit. The settlement involves no current Wynn Resorts ( WYNN ) executives and all individual defendants are its former executives, the company added.

"As is customary in such matters, our insurance has covered the majority of the $70 million settlement, with Wynn Resorts ( WYNN ) covering $9.4 million of the total," Wynn Resorts ( WYNN ) said.

Wynn Resorts ( WYNN ) shares were up 2% in recent trading.

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