Former CBS CEO Les Moonves drops authorized pursuit to recoup $120 million severance package deal

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Les Moonves, CEO, CBS

Mike Blake | Reuters

Former CBS CEO Les Moonves, who left the media firm in 2018 amid sexual harassment and assault allegations, has dropped an try to recoup a $120 million severance award.

The cash, which has been held in a grantor belief, will revert again to the corporate, which is now ViacomCBS after the 2019 merger with Viacom. Each CBS and Viacom are managed by Shari Redstone, who’s chairman of ViacomCBS.

“The disputes between Mr. Moonves and CBS have now been resolved, and on Could 14, 2021, the events dismissed the arbitration continuing,” ViacomCBS said in a company filing launched Friday.

Moonves had filed arbitration in Jan. 2019 for the cash after the CBS board of administrators decided Moonves had violated firm insurance policies, and thus was fired for trigger. The CBS board decided in Dec. 2018 Moonves breached his contract and deliberately did not cooperate with an inside investigation.

“With regard to Mr. Moonves, now we have decided that there are grounds to terminate for trigger, together with his willful and materials misfeasance, violation of Firm insurance policies and breach of his employment contract, in addition to his willful failure to cooperate totally with the Firm’s investigation,” CBS’s board of administrators said in a statement at the time. “Mr. Moonves is not going to obtain any severance cost from the Firm.”

Moonves left CBS in Sept. 2018 after a collection of allegations from ladies, spanning a number of many years, describing how Moonves compelled sexual acts and used his skilled energy as retaliation if they resisted.

Moonves was one of many highest paid CEOs within the U.S. for a few years, sometimes earning greater than $50 million in a 12 months. In 2015, Forbes estimated his internet price at $700 million.