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Image of sign outside Wynn Commons at the University of Pennsylvania.The University of Pennsylvania on Thursday announced that it is revoking honors it gave in the past to Stephen Wynn and Bill Cosby. The university will change the name of Wynn Commons and of a scholarship fund established by Wynn, a casino executive who in the past has been a Penn trustee and a major donor. In January, The Wall Street Journal reported on numerous allegations of sexual misconduct by Wynn. He has denied the charges.

Penn also said it would revoke an honorary degree it awarded Wynn. The university noted that it rarely revoked degrees or removes names from buildings. "We view these as extraordinary and essentially unique circumstances that call for an immediate, decisive, and clearly ethical response," said the university's statement.

Based on the actions against Wynn, the statement said, the university also considered and decided to revoke an honorary degree received by Bill Cosby, who is accused of sexually assaulting dozens of women over several decades.