Paramount Global and former CBS chief Leslie Moonves have agreed to resolve lingering shareholder claims over the company’s handling of past allegations of sexual harassment.
, disclosed the settlement Wednesday in a regulatory filing, saying it agreed to pay $7.25 million to the Investor Protection Bureau of the New York state attorney general’s office.
Moonves separately will contribute $2.5 million to settle the matter. The company also said its insurance provider will resolve a separate $14.75-million class-action lawsuit. Wednesday’s disclosure suggests the company is trying to close a troubling chapter that destroyed Moonves’ career and triggered the company’s“We are pleased to have reached an agreement in principle to resolve this matter concerning events from 2018 with the New York attorney general’s office, without any admission of liability or wrongdoing,” a Paramount spokesman said in a statement.
Investigative reporter Ronan Farrow’s report, contained in the New Yorker magazine, prompted swift action.to investigate Moonves and the company’s culture. The board then fired Moonves on Sept. 9, 2018. A group of shareholders also sued, alleging the scandal was destroying the value of their holdings. New York agencies, including the New York City Commission on Human Rights and the New York County district attorney, quickly opened inquiries. The CBS controversy erupted nearly 10 months after the Harvey Weinstein scandal was exposed, sparking the #MeToo uprising among women who demanded greater accountability.
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