Les Moonves, CEO of CBS
Mike Blake | Reuters
Former CBS CEO Les Moonves, who left the media company in 2018 for sexual harassment and assault, has dropped an attempt to recoup a $ 120 million settlement.
The money that was held in a grantor trust will flow back into the company that is now ViacomCBS after merging with Viacom in 2019. Both CBS and Viacom are controlled by Shari Redstone, who chairs ViacomCBS.
“The dispute between Mr. Moonves and CBS has now been resolved, and on May 14, 2021, the parties dismissed the arbitration,” said ViacomCBS said in a company filing Published Friday.
Moonves filed for arbitration for the money in January 2019 after the CBS board of directors found Moonves violated company policies and was therefore fired on important cause. The CBS board identified in December 2018 has breached its contract and deliberately failed to cooperate with an internal investigation.
“With respect to Mr. Moonves, we have determined that there are reasons to resign for good cause, including his willful and material misconduct, breach of Company policies and employment contract, and willful failure to fully cooperate with the Company to investigate “, CBS Board of Directors said in a statement at the time. “Mr. Moonves is not receiving any severance payments from the company.”
Moonves left CBS in September 2018 after a series of allegations by women spanning several decades describing how Moonves coerced sexual acts and used his professional power in retaliation if they resisted.