Shareholders of the former CBS have settled a long-running securities class action lawsuit with the company over its handling of sexual assault allegations against former CEO Les Moonves
. The $14.75 million cash payout covers shareholders of CBS from November 2017 to July 2018.
Moonves was pushed out of CBS in 2018 after multiple accusations of harassment. Investors led by the Construction Laborers Pension Trust for Southern California sued later that year, claiming that public lies and omissions by the company and Moonves left investors in ignorance of a full-blow sexual harassment scandal unfolding within. They said they lost money after news of the allegations became public, and they sued the broadcaster in New York federal court for violating securities law.
Moonves, for years the face of CBS and one of most highly respected executives in the business, became a face of the #MeToo movement following aCBS had previously settled a dispute over Moonves’ $120 million exit package, with the cash that held been held in escrow reverting back to the company.Must Read Stories
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