Les Moonves, Paramount to Pay $24.5M Settlement

Les Moonves

Per a release from the office of New York Attorney General Letitia James, Leslie Moonves and Paramount Global’s combined pay out to CBS shareholders for sexual misconduct claims and insider trading is now $24.5 million, reports TheWrap.

Attorney General James secured a total $30.5 million from the former CBS President and Chief Executive Officer and his network Wednesday, citing the concealment of sexual assault allegations against Moonves, misleading investors about those allegations and insider trading.

In the latter case, former Chief Communications Officer Gil Schwartz sold millions of dollars’ worth of stock in the network after a tip from a captain a the Los Angeles Police Department (LAPD) informed him, Moonves and other executives of the confidential sexual assault complaint against the CEO. Together, network executives and the LAPD captain worked for months to keep the assault allegations from becoming public before Schwartz sold his stock in the weeks leading up to the fallout.

In addition to the $30.5 million payout, a majority $24.5 million of which will go to CBS shareholders, the network will mandatorily reform HR protocol around sexual harassment and provide biannual reports back to the Office of the Attorney General. Moonves will also be unable to hold executive or officer positions at a publicly traded company in New York State for the next five years without a sign-off from OAG.

CBS and Les Moonves reach a settlement with New York attorney general over allegations of sexual misconduct, misleading investors, and insider trading. https://t.co/Q7uUM9jBBz

— CBS News (@CBSNews) November 3, 2022

“CBS and Leslie Moonves’ attempts to silence victims, lie to the public, and mislead investors can only be described as reprehensible,” said Attorney General James in a statement. “As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors. After trying to bury the truth to protect their fortunes, today CBS and Leslie Moonves are paying millions of dollars for their wrongdoing. Today’s action should send a strong message to companies across New York that profiting off injustice will not be tolerated and those who violate the law will be held accountable.”