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Former CBS chief to pay $30m for hiding sexual assault allegations

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2 years ago

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CBS leaders reportedly knew about allegations of sexual assault against its former chief executive

The Former Chief Executive of CBS, Les Moonves will pay $2.5 million to shareholders amid a string of sexual assault claims.

The broadcasting giant will pay $6 million towards sexual assault and harassment programs, while $22 million will be paid to shareholders.

The New York Attorney General’s Office found key executives at the network had a plot with the Los Angeles Police Department to hide the sexual assault allegations against Moonves.

One of the company’s executives sold part of their stock before the allegations against Moonves became public.

“As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors,” Attorney General Letitia James said.

“After trying to bury the truth to protect their fortunes, today CBS and Leslie Moonves are paying millions of dollars for their wrongdoing.”

Letitia James, NEW YORK ATTORNEY GENERAL

CBS and Moonves also agreed to pay investors an additional $9.75 million to settle the New York Attorney General’s allegations.

As part of the settlement, neither party admits to wrongdoing.

A spokesperson for CBS, which is known as Paramount said the company was pleased to resolve the matter.

The spokesperson added the settlement “does not relate in any way to the current company.”

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What to expect for IPO markets

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10 hours ago

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September 13, 2024

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With high interest rates and geopolitical uncertainty–what’s in store for IPO markets?

As the second half of 2024 begins, the IPO market is poised for a potential rebound after a sluggish start to the year.

With improving economic conditions and renewed investor confidence, more companies seem to be considering going public, creating market optimism.

However, challenges such as inflation and geopolitical uncertainties remain key factors to watch.

Dean Quiambao, a partner at Armanino joins Veronica Dudo to discuss what experts are predicting for the IPO landscape in the coming months and how businesses are positioning themselves for success.

#IN AMERICA TODAY #trending #IPO #IPOmarkets #ratecuts

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Money

ASX positioned for strong start after positive stock rebound

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3 days ago

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September 10, 2024

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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4 days ago

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September 9, 2024

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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