Steve Wynn settles Picasso suit

Billionaire Steve Wynn, chairman of gaming company Wynn Resorts Ltd., settled a lawsuit he brought against Lloyd’s of London after he accidentally tore his 75-year-old Pablo Picasso painting “Le Reve,” court records indicate.

Wynn, 65, whose Wynn Resorts owns casinos in Las Vegas and Macau, sued Lloyd’s on Jan. 11 for documents related to the insurer’s appraisal of the work, worth $139 million before it was damaged on Sept. 30. A restorer said the repaired painting was worth $85 million, Wynn’s complaint said.

Wynn reached a settlement with Lloyd’s and dismissed the case, according to a document filed Thursday in Manhattan federal court. Terms of the settlement were not disclosed in the one-page document.

All claims “are dismissed,” the document says.