On this Could 16, 2012, file photograph, former CBS President and CEO Leslie Moonves attends the CBS community upfront presentation at The Tent at Lincoln Middle, in New York. (AP Picture/Evan Agostini, File)
Paramount has agreed to pay US$14.75 million to shareholders of the previous CBS in a proposed class motion claiming the corporate's failure to reveal sexual misconduct allegations towards former CBS chief government Leslie Moonves artificially inflated the worth of its inventory.
Attorneys for Paramount, Moonves and the plaintiffs filed a proposed settlement settlement in Manhattan federal court docket on Friday. CBS and Moonves had denied that they misled traders.
CBS merged with sister firm Viacom Inc in December 2019. The merged firm was referred to as ViacomCBS till February, when it modified its identify to Paramount International.
Amid the #MeToo motion, greater than a dozen ladies accused Moonves of harassment and intimidation, together with exposing himself and pressuring ladies for intercourse. Moonves has denied wrongdoing and mentioned the relationships had been consensual.
Moonves resigned underneath strain in September 2018; that December CBS mentioned it had fired him for trigger and denied a US$120 million severance package deal, following a board overview of the findings of an investigation into Moonves’ habits and the CBS tradition performed by two regulation companies employed by CBS.
CBS and legal professionals for Moonves didn't instantly reply to requests for remark. The plaintiffs' legal professionals at Robbins Geller Rudman & Dowd didn't instantly reply.
A bunch of shareholders sued in 2018. They accused CBS and Moonves of deceptive traders by not initially disclosing allegations towards him and making public statements in help of #MeToo.
Moonves at a 2017 business convention, for instance, referred to as #MeToo "a watershed second" and mentioned, "I believe it is necessary that an organization's tradition is not going to permit for this ... There's rather a lot we did not know.”
In 2020, U.S. District Decide Valerie Caproni in Manhattan discovered that assertion was the one one cited by the plaintiffs that might have misled traders, and dismissed different claims.
(Reporting by Daniel Wiessner in Albany, New York. Extra reporting by Helen Coster in New York. Modifying by Alexia Garamfalvi and Matthew Lewis)
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