October 30, 2014
LAS VEGAS (AP) - A Japanese billionaire is asking a federal judge to halt an attempt by Wynn Resorts Ltd. to oust him from its board.
Kazuo Okada filed a suit in a U.S. District Court in Las Vegas Thursday to stop the special meeting of shareholders called for Feb. 22 to vote on his removal for improper conduct.
The complaint says that the proxy calling the meeting makes 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.
Wynn spokesman Michael Weaver says the complaint is a ploy to divert attention from Okada's misconduct.