ViacomCBS said Friday that it has settled a long-standing dispute with former CEO Les Munves and said it would retain the $ 120 million severance pay it withheld from Moonves when he was shut down in 2018.
“The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties terminated the arbitration. The assets of the trust fund will be fully returned to the Company, ”the company said in a statement. with the Securities and Exchange Commission.
Munves’ employment was terminated September 9, 2018 after numerous statements about sexual assault or misconduct… Moonves denied the claims. On December 17, the board issued a statement stating that Munvs had breached his employment contract and would not receive severance pay the package is valued at $ 120 million after the completion of a months-long investigation.
“We have determined that there are grounds for dismissal for reasons, including his willful and material misconduct, violation of Company policies and breach of his employment contract, and his willful unwillingness to fully cooperate with the Company’s investigation,” the board said. time.
Moonves demanded binding arbitration in January 2019 and the money was transferred to the trust.
In a joint statement on Friday, CBS and Moonves said, “Leslie Moonves, CBS and the CBS contractor have resolved their disputes. The cost of the settlement will be borne by the contractor. Mr. Moonves decided to contribute the entire settlement amount to various charities. There will be no further comments from Mr. Moonves or CBS on this settlement. “
Representatives of ViacomCBS and Moonves did not provide additional details on the settlement of the contractor.
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