October 25, 2014
LAS VEGAS (AP) - A federal judge in Las Vegas has denied a Japanese billionaire's request to halt an attempt by Wynn Resorts Ltd. to oust him from its board.
U.S. District Judge James Mahan ruled Friday that Kazuo Okada had failed to prove that the company purposefully misled shareholders in the proxy statement calling the Feb. 22 meeting.
Okada had filed a complaint saying that the proxy calling the meeting made false statements, violating Securities and Exchange Commission rules.
The suit is part of an ongoing battle between former friends Okada and company CEO Steve Wynn. The company says Okada made improper payments to overseas gambling regulators.
Okada attorney Marc Sonnenfeld said the decision was a disappointment, but was only one skirmish in a bigger battle.
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