CBS Shareholders Settle for $14.75M in Securities Lawsuit Over Moonves' #MeToo Comments

Source: Hollywood Reporter

CBS Shareholders Settle for $14.75M in Securities Lawsuit Over Moonves’ #MeToo Comments

The company and investors suing the network regarding what they were told about sexual misconduct allegations against the ex-chairman have agreed to wrap up the lawsuit.


BY WINSTON CHO APRIL 18, 2022 12:44PM

CBS shareholders who claim they were lied to about how the company handles sexual misconduct and lost money when harassment claims surfaced against ousted CEO Leslie Moonves have accepted a $14.75 million payout to resolve a securities class action.

Moonves left CBS in 2018 after more than a dozen women accused him of sexual harassment. He’s denied the allegations.

Investors led by the Construction Laborers Pension Trust for Southern California sued CBS in August 2018 for alleged violations of securities laws. They claimed that CBS and its executives made false statements regarding its policies and approach to sexual assault allegations from September 2016 to December 2018.

The complaint, filed in New York federal court, came a month after The New Yorker ran a story detailing how Moonves, known in the industry for his ability to make or break careers, allegedly made unwanted sexual advances on several women. Several people accused him of harassment and intimidation, with dozens more describing his alleged abuse at the company.

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Read more: https://www.hollywoodreporter.com/business/business-news/cbs-shareholders-settle-for-14-75m-in-securities-lawsuit-over-moonves-metoo-comments-1235131599/