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.”
