Les Moonves, Paramount to Pay $9.75 Million to CBS Shareholders Over Sexual Misconduct Allegations Against Former Network Boss

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Les Moonves and Paramount will pay $9.75 million to CBS shareholders over sexual misconduct allegations against the former CBS chief.

The agreement is subject to approval from New York Attorney General Letitia James.

“While Defendants neither admit nor deny any liability or wrongdoing, Defendants will agree to provide additional monetary relief to be distributed as restitution to shareholders, consisting of $7.25 million from Defendant CBS Corporation and $2.5 million from Defendant Leslie Moonves, totaling $9.75 million,” wrote attorney Todd Cosenza to U.S. District Judge Valerie Caproni in a letter.

Moonves resigned in September 2018 over allegations of sexual misconduct. He was denied his $120 million in severance once CBS deemed the following December that Moonves could have been fired for cause.

According to The Hollywood Reporter, which first reported on Wednesday the $9.75 million settlement:

The misconduct allegations sparked a securities class action against CBS, executives and board members that claimed shareholders were mislead about how the company handles workplace sexual harassment complaints. That litigation settled earlier this year.

“We reached an agreement with the plaintiffs to settle the lawsuit for $14.75 million, which will be paid by the Company’s insurers,” the SEC filing notes. “The settlement, which includes no admission of liability or wrongdoing by the Company, was granted preliminary approval by the Court on May 13, 2022 and is subject to final approval.”