CBSFormer CEO Les MoonvesIt will pay $30.5 million to settle claims of insider trading and sexual assault against the CEO.
New YorkAttorney General Letitia JamesShe stated that her office had conducted an investigation and found that both the media company’s senior leadership were aware that Mr. Moonves was being accused of multiple offenses.
Mrs. James He said in a statement on WednesdayThey have “deliberately concealed the allegations from regulators and shareholders for months”.
Investigators also found that Jill Schwartz, a former head of communications at CBS, had sold millions of dollars worth of CBS stock weeks before the claims were made.
Ms James’s office claimed that they had found out that a Los Angeles Police Department captain had reported confidentially to CBS executives about a sexual assault complaint against Mr Moonves and had secretly provided them with information as they tried it.
Since 2006, Mr. Moonves has been CEO of CBS. Resigned in September 2018The allegations were made public.
Six women said New Yorker Journal of incidents of harassment and abuse by Mr. Moonves, allegedly occurring between the 1980s & early 2000s.
In his resignation statement Mr. Moonves called them“Incorrect accusations from decades ago are now made against me that don’t align with who and what I am.”
“CBS and Leslie Moonves attempts to silence victims and lie to the public and mislead shareholders can only be described in abhorrent,” Ms James stated.
Moonves must make payments of $2.5 million to CBS shareholders. CBS must make payments of $28 million. CBS will share $22 million with shareholders. CBS must also pay $28 million to shareholders. CBS will spend $6 million to improve its reporting and response mechanisms to sexual harassment and other assaults.
He cannot be an officer or director of any public corporation doing business in New York during the next five-years without the written consent by the Office of The Attorney General.
“As a publicly traded company, CBS has failed in its primary duty to be honest and transparent with the public and investors,” said Ms. James.
Today, CBS and Leslie Moonves have been forced to pay millions of dollars to cover up their mistakes after trying to conceal the truth in order to protect their fortunes. Today’s action should send a strong message across New York to businesses that unjust profiteering won’t be tolerated, and that those who break laws will be held accountable.
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