CBS Shareholders Reach $14.75 Million Settlement in Les Moonves #MeToo Comments Lawsuit
variety.comJennifer Maas TV Business WriterCBS shareholders have reached a $14.75 million settlement in their securities lawsuit against the network for what it relayed about the sexual misconduct allegations against disgraced former chairman-CEO Leslie Moonves and how his #MeToo comments affected the company.In a filing obtained by Variety Monday, CBS shareholders wrote, “Lead Plaintiff and Defendants have negotiated, at arm’s length and with the assistance of an experienced and neutral mediator, a proposed settlement of all claims in this Action for $14,750,000 in cash.
This resolution, which falls well within the range of possible approval, involved a thorough investigation, extensive motion practice, consultation with an expert on damages and loss causation, and a formal mediation involving rigorous and extensive negotiations.” Representatives for CBS declined to comment Tuesday.In January 2020, a federal judge in New York allowed the shareholder lawsuit against CBS Corp. — which now, re-merger with Viacom, is called Paramount — to proceed based on the specificity of statements made by Moonves at a 2017 Variety conference.
Judge Valerie Caproni of the Southern District of New York dismissed other claims in the securities fraud suit against CBS Corp.
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