News Summary: Okada sues Wynn Resorts in Tokyo
THE COMPLAINT: Japanese pachinko tycoon Kazuo Okada has filed a lawsuit in Tokyo seeking $140 million in damages from Wynn Resorts.
THE DETAILS: Okada's Universal Entertainment is seeking damages for harm caused to its share price and business due to Wynn's decision to remove Okada as a director and reclaim the $2.77 billion of stock in the company owned by Universal.
THE BACKGROUND: The two sides have been feuding for months. Wynn refused to back Okada's plan to build a $2 billion casino resort project in the Philippines, saying it would compete with Wynn Resorts' own business there. Meanwhile, Wynn commissioned an investigation and sued Okada in Nevada for alleged breach of his fiduciary duties.